I'd like to make one suggestion. Use a main cap girdle with that kind of power. I'm assuming that you'll be winding it up to get that power out of it when you race, so to keep the mains from walking and making a mess of your motor, consider one. Also, make sure your oiling system is upto the task of high rpms, well you've probably heard all that.
Ford offers a mass air conversion kit, but I'd consider getting a computer from a junkyard, and whatever meter you'd like, and then the harness for like $40 with the instructions. It'll save you a lot of money. I would recommend an MSD 6AL or something along that line ignition system, and get a 255 intank pump at the very minimum.
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