My recomendation is something in a 650 cfm range, preferably vac secondaries. I have a carter 625 (virtually same as edelbrock) which is not vac secondaries, but it works fine. The reason for vac secondaries is that the 351C heads particularly the 4v heads, have huge ports and have trouble developing good vac and carb signal. Let the engine rev till it pulls enough vac to pull the secondaries open and then it will be able to handle the extra volume and fuel. Holleys have power valves and can be a problem, but I wouldn't let it stop me from getting a Holley if that is what you want. If it dosen't backfire, your power valves will be fine. Are you using a stock intake manifold? I would prefer an edelbrock proformer, but keep the old one in case you want to sell it someday.
I would definately go electronic distributor. Several people seem to be very happy with the petronix retrofit kit. I have a duraspark II unit that I got at autozone for an 86 ford 460. (460 fits the Cleveland block). It is a bit more of a problem going with the duraspark II unit but you get newer style distributor posts spaced further apart.
Good luck and happy mustanging
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