carbinator ftw, I avg about 15mpg with my HCI 302/T5 3.73 notch. As far as power goes, it rips from idle to 6k rpm. Just use good parts. MSD has a great distributor that is super easy to wire up to a 6al box or equiv,
http://store.summitracing.com/partdetail.asp?part=TFS%2D51500093&N=700+4294908331+4294840126+4294908282+115&autoview=sku
whoops, those wont work with cobra intake with the egr built in, but TFS should have the right ones...
If $200+ is going to break the bank, I wouldn't be looking at steering wheels =]
P.S.
I'm not trying to flame or be a prick, I just think you should buy the best you can afford, so later you won't regret buying something cheaper.