Rebuild question
If you wanted to go really cheap and do electronic ignition without the computer, a couple companies sell retrofit kits that put an electronic pickup in place of the points on the older distributors. The points dizzys are really easy to come by and they're cheap.
Deleting the converters from your exhaust would be easy enough too. Just cut them out and weld in a length of pipe.
Doing those three things will return your truck to the pre-smog era. I think you might have an electronically controlled transmission too if your truck is automatic, so that would need to be swapped out as well. If you've got a 5-speed, you're fine. Most states have restrictions on what pollution equipment you need, even with older trucks, so check that out before you start tearing out your smog pump and cats.
If you want to go performance, there's lots of aftermarket support for that motor. Depending on how much money you want to spend, you can get 400+ HP out of it in semi-streetable form.
Regardless, unless you want to spend the big bucks and buy a crate motor, you should buy some books on SBF engine building and do some reading. Even if you end up going with the crate motor, you'll be better able to make your selection once you've done the proper research.
Besides carbing the truck, taking out the high pressure injection pump(s) and swapping out the dizzy, you might have to do a possible trans swap if it's an automatic-equipped truck.
Regardless, eventually the entire USA will have the very restrictive Kalifornistan-type smog emissions testing. It might take a while, but everyone always looks to the west coast for inspiration. When that happens, you'll either have to convert the truck back to its former state (read; big $$$) or scrap it.
Ya know, even an old fart like me can appreciate the nicety of just turning the key on a cold morning and have my truck come to life and being able to drive off without all of the drama of fiddling with the choke, multiple restarts and poor cold motor driveability.
If I were going to go through the engine compartment of my truck, I would just neaten it up, swap polished stainless tubing for the plastic vacuum lines, re-route the lines to make them look neater, stuff like that.
But, each to his own. Just my 0.02 USD worth. YMMV.
Ray









