The 292 I had in the black truck ran ok - same trans and gears as you have but it was real thirsty. The TBI will certainly help with fuel dropout when your in OD at low RPM - highway cruise.
Look at your tire size and calculate your cruise rpm. Then decide time spent at cruise vs climbing the hill, move the cam choice to suit.
When you turbo it - you will need to sort out how to adjust the 700's line pressure to increase with boost - the throttle position is not good enough as the turbo torque increase is no tied to throttle angle. The vac. modulator line may need a restrictor orifice and a pressure bleed between the orifice and vac modulator. Once manifold goes positive pressure, if the line pressure gets above 220 PSI the trans won't like it for long. You'll need to work the trans pump pressure spring / vs boost. Add a trans line pressure gage into the cab 0-300 psi so you can monitor whats going on.


51 GMC 4.2 turbo
Can't solved today's problems using the same technology/thinking that created them