95 Stang - Nitrous Install Questions

The fuel pump is probably ok, but you are definately pushing it.
It is not a good idea to spray a wet kit into the CAI. It is a much better idea to spray it somewhere behind the throttle blade. If you have a converter elbow, that is a good place to screw it in. If not, just drill a hole in the intake just behind the throttle body.
A fuel pressure safety switch will not really do much for you. Those are mainly for dry kits. If you can get that fuel pressure safety switch dialed in at 40psi or so, then it will help. The best safety device I can recommend is a fuel pressure gauge. If you see the fuel pressure start to drop on the bottle, that means you have exceeded the capacity of the fuel pump.
An adjustable fpr is not really going to make any difference for the nitrous. You don't need that any more than you do n/a. You can adjust fuel with the fuel jet.
Set the base timing at 8 to be safe on 100 shot for starters, and advance from there.
Stock non platinum plugs should be fine. Gap them down to about .040" for starters. If you go above a 100 shot, switch to a spark plug one heat range cooler. If the engine suddenly starts losing power at high rpm, that means you are blowing out the spark, and you need to reduce the gap on the plugs.

Kurt