this will be corrected if its wrong, but id guess you should do:
-walbro 255 pump with upgraded injectors
-stock dizzy with decent wires/plugs should be fine
-cam gears would prob be a good idea
-adjustable FPR would be a good idea
-run a socketed/chipped P75 (OBD1 LS) tuned for your setup

no FMU, tuner will set the timing, and just out of curiousity, what's a MSD "btm"?