Well I've been planning a very similar project; but I am a poor college student.
For EFI, you can go with the clifford system (not cheap at all). OR you can make your own setup using Megasquirt.
If I'm not mistaken the procharger is a centrifugal blower? Not positive displacement but it does simplify the use of an intercooler.
If you use Megaaquirt you can control your timing retard to avoid detonation. OR I understand you can use water injection and forget about timing retard..
Your going to want low compression in your engine, probably a new cam (Check out Leo's Power Manual)
For my car I will probably get meagasquirt, an Eaton M90 from a GM 3800 V6 with the throttlebody attatched, Truck headers modified to fit in a passenger car (78 NOVA), water injection, a new cam, .060 over bore, low compression pistons, and maybe upgrade mto a distributorless ignition system.
