I just changed mine Wednesday evening and although it wasn't the most difficult job, it wasn't the easiest either. Since you don't have to drop the tank you won't have to deal with what I thought was the hardest part - pulling the filler neck out of the tank.
As far as connections go, it's pretty straight forward, although the duck-bill type fuel line (the return line on my '86) also gave me a little grief. On removing the locknut, you should use something non-conductive. I took a nut driver and taped the end and hammered on that. It's a good idea to vacuum around the locknut before, during and after removal to reduce the odds of getting dirt in the tank.
Removal the pump assembly takes a bit of work - you just have to twist it and shimmy it out the right way (and try to remember which way you twisted to make it easier to go in). None of the connections require solder so once you get the pump assembly out of the tank it's just a matter of swapping the parts. Oh, and make sure you put the strainer (new or old) on in the same 'radial' position as when you took it off. On my '86 there was a little metal tang on the bottom of the pump assembly which ensured it went on the right way.
I was going to go for a 190lph unit, but after speaking with the staff at steeda.ca (live on-line help) they recommended the 110lph unit because I don't have an adjustable pressure regulator. The higer volume units are also designed for higher pressure applications, and without a regulator he said there was a chance I could over pressurize the fuel rail.
You said you got the pump for $50 CDN - I'm curious to know where as I paid $108 CDN here in Winnipeg (and that was after calling around to about 12 different places).
Good luck with the replacement