I put a cam with the same specs in a 400M, in a 77 F100. Pretty lively with the 400. It was all stock except for the Holley 500 cfm 2 bbl and headers. Good match for what you've got. Pretty much the same specs as the 82-84 GT Stang cam, but with a tad more on the exhaust side.
I highly doubt it. Set the idle to where it will idle without stalling, but not high enough so that you run into problems with your stock torque convertor.
That is a good cam, you'll get decent power and not suffer with gas consumption. I had that cam a while back with my current intake, carb, and stock heads and it made for a very enjoyable daily driver.
Streetabillity on that sucker should be just fine, you will have control of the idle with a screwdriver that is the beauty of a carbed car. If it is stalling turn it up, but do not go over 1000 rpms (which you shouldn't even be near)
Get a vacuum guage and tune for max vacuum, it will get you the best idle for that cam.