You pretty much need a whole new tranny, gear set and such. T-5's can be made to handle that kind of power but ur looking at a ticking time bomb. I would look into a 3550 swap or t56 is money allows. Thats just me, others love the t5. I love the way the t5 shifts compared to the 3550 but they are night and day as far as quality.
Your going to need many new parts. U can source some of this from a junk yard. The thread in the "usefull thread index" at the top of the forum will tell u exactly what parts u will need. Except for the distributor, that u will have to find on your own. Depends on what year engine to what dist u get, not to mention if your goin carb you have to decide on mechanical or vacum advance.
Take you time, spend money where it needs to be, dont skimp on parts, u will hate urself in the end. I was going to try to due a budget build at first until I made a spread sheet with all the parts that are just needed, man, it was a ton of stuff. Now u can go junk yard hopping and save some money, but I want it done right the first time.
Things u will need to go carb 351
Oil pan. Swap headers, Front brackets with spacers. U will needs 28 ounce ballancer and flywheel, lower intake for 351, distributor, some type of ignition (ford duraspark from a junk yard car is more the sufficient if you get all the pigtails along with the box) u will need a new fuel pump ( dont use the efi one, even if a buddy tells u its ok to do so, it will most likely harm ur carb) You will most likely need a new clutch as ur stocker will go quickly with the new found power (might as well do it while engine and tranny are out).
There is some more stuff but I am drawing a blank right now. Overall, plan on 2-300 for a good block. (maybe more for a roller) about 2-300 for block work depending on shop, quality and area u live in. 500 for a forges piston rebuild kit from summit (includes bearings, gaskets, freezeplugs and something else I'm sure I'm forgetting). You need to either get a good set of older heads and spend some major money to get them ported (or do them yourself if you can, but can be costly if you mess them up) Save up for aluminums, and have them ported so u can get the power needed. You will needs some good valve train componets (springs, roller rockers, pushrods, and seals and such) plan on 4-500 here. Then you have to find ur carb, a nice holley 4150 double pump 750 can run anywhere from 350-1k depending on options. The basic one is just fine. probally want an electric choke for ease if you drive in the cold. You need a good lower intake, most of the edlebrock lowers are good, make sure u find one the pulls to 6500 if u want to go that high, alot of them only state the power range to 5k or so.
If you pm me your email address I can send you my spread sheet when i get home to give u an idea on what your looking at. Can't do it now as I am at work. Just remember to read up and ask questions.
Who is going to be assembling the engine?