Yes...
Yes, you will be fine.
I would say keep the timing initially conservative and bump it up incrementally.
As you become comfortable with the setup, after a couple of months, give a couple of the chip manufacturers a call.
Specify your combo, and I bet they could give you a product that would be worth it in tenths at the very least...
Just my .02
Either way you will love it, and that's all that matters...
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1988 GT Convertible
331 10:1 TW heads, GT-40 intake, MSD, TRW flattops, B Cam w/ 1.7's, MAC exhaust, 24's, 70 TB, 76 MAF, 3.73's, Pro 5.0, Koni's, Anderson PMS, Wideband 02, yatta, yatta...
One week with new motor, two speeding tickets...joy
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