I dimpled the passenger side slightly, mainly for the backup light switch to clear, and the bellhousing on that side.
There are different ways for the hydraulics. You could go with this kit: http://www.weirhotrodproducts.com/ or use the stock, or T5 slave cylinder.
With the JTR setup the shifter should come out the stock hole with no cutting. You can use the stock T56 shifter too.
You can use a Wilwood 3/4" (7/8"?) master cylinder for the stock , and T5 slave, or use a 1" for the weir setup above.
With the stock T56 bellhousing you will need a custom flywheel from Centerforce, made to meet the T56 to a pre '86 small block. You also need a clutch setup for this combo. Call Centerforce for part #s
I would price the difference between the clutch/flywheel setup compared to the weir setup, it may be close.