So what part of this is going to be the senior project and what exactly is required for it? If I were you, I'd keep the L6 for a while. If it needs it, rebuild that and use the rest of the money you'd have spent on the V8 conversion on suspension, breaks, tires, etc. It's going to kill you to not be able to drive the car while it's under the knife for the V8 transplant. The ONLY reason I'm saying this is I am 18 and I'm just about done with a SBC swap in my 280zx. I've had the car for a year and a half but have only drove it twice. Every time I look at the thing I want to drive it so bad it almost hurts. If you do, for what ever reason, go with a V8 swap go carb'd. It's SO much simpler and a good starting point if you don't have much/any automotive experience. Having (almost) completed my swap, I now feel confidant that I could do a LT1 or LSx swap. The wiring on the SBC swap scared the bejesus out of me untill I found a full schematic diagram and sat down and traced all the wires out. After understanding the bigger picture the rest was a peice of cake.
I don't know if any of that makes sense, but basically I'm trying to say "Not saying you can't, just saying I wouldn't" but whatever, that's just my opinion. Take it for what it's worth.
Ben