Sorry about using the term spreadbore. A holley 750 is a great choice, or a quadrajet. The quadrajet has very small primaries and will help with the gas mileage. But the secondaries are big so when you get on it you've go lots of power. The holley's are eaiser to tune but blow out power valves on backfires. I think more power can be made with a holley also. Dont get an Edelbrock carb, they are junk! A Edelbrock performer manifold will do you well, or the performer rpm.
As long as your rebuilding you might as well toss in a good timing chain and gear set along with a decent oil pump. HEI is fine, but I think folks have issue with them getting in the way of the hood latch sometimes.
You really should get the conversion book and review it before you make any decissions.
Dale
P.S.
There are lots of options when it comes to intakes. If you decide that fuel injection is the way to go then there are folks that make TPI components that will improve the air flow. Also you can use an LT1 intake on your beast and really wake it up. I believe that Tim240 is working on that and may chime in here. Here is a web page for some info.
http://www.popularhotrodding.com/tech/0803phr_beast/