I am not sure about your emissions questions, but I just wanted to throw this in. I dropped a long block from Ford into my car about 4 years ago. It is the same combo as your looking at, except with the cast iron GT-40's (not the P's) and the B-cam. Since you mentioned reliability is an issue, I just wanted to say that I haven't had any problems with my engine. Looking back on it, I could have made more power or possibly gotten more for my money using a different combo, but overall the long block made things very easy and has proven to be reliable.
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2006 Mustang GT
1990 LX
GT-40 motor 262 horsepower, 307ft-lbs (sold but forever loved)
1998 Contour SVT
Rice Haters Club Member #244
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