If you are just doing "head work" and an intake, it should be fine. It depends on how you drive. I was curious about the same thing. I can quote the numbers all over the internet like everyone else but instead I have asked several racers who have stock T5's and the response I get is always determined by the way they drive. One guy has a nearly stock setup and has went through several T5's but he just slips his foot off and speed-shifts and I talked to another guy who is running 10's with a stock T5 and it lives on.
To do the carb conversion you need a cable and bracket. Either a bypass regulator or drop the tank and remove the pump and use a carb style electric or manual pump. The rest is labor really.