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Keep in mind, this advice is based upon reading magazines and other websites. I have never used it myself, but I have been in a couple cars that did.
Nitrous is great but you need to make sure, the engine never runs lean, that will melt pistons. Most nitrous kits require extra gas added when you turn it on. Usually heavier injectors or heavier pumps are used.
A light spray, say 50hp to maybe 100 is usually OK, but like everything else in life, if you use it a lot, it will wear your engine faster. Specially a little one like yours. Heavier shots say 100hp and up will usually destroy a stock engine fairly quicky. At least on a Chevy webpage, experience says a stock 350 won't live long at spray levels above 150hp.
Nitrous is addictive. You will like it a lot, and use it a lot. Nitrous is also expensive. Refilling the bottle costs something like $20 to $40 depending on size and it will last you only about 60 to 90 seconds worth, again depending on size. In short nitrous is great for quick blasts of power for the occasional "smoke a ricer" trick, but it is not useful for continuous duty, like towing or lots of racing.
I think there is a book on nitrous in the motorhaven store of this site. Look in the store, the word "nitrous" might have a link to it, click it if it comes up when i post this.
Primary rig is Green Thunder:
95' F-150 XLT 4x4, 302, 5 spd, MSD 6A, Flowmaster Exhaust, Sunroof, Clear corners w/ Diamond headlights, CD player with 2 10" subs and some 32" BFG Muds .
Thats it for now, saving for a stang. Check out my Gallery for a look-see.
You can run 10* BTDC with a 175shot so you won't need much retard. I used to have an MSD digital multiretard box so I could run 15* on motor and 10* spraying, very cool. You'll need 93 pump too. With a 75-100 shot, maybe a 1-2* retard is fine.
If you have cast/hyperpathetic pistons don't expect your motor to last too long...it will melt down.
Also go with some NGK TR-6 plugs, they are a heat range cooler than normal and have a smaller gap