You don't like your motor? I can't see any other reason to run Synthetic Oil, unless your sucked in by Brocky and his Mobil 1 rubbish?
You better fit a bigger battery, and a bigger alternator, to help offset the electric waterpump, which will make the gains of the underdrive kit, almost nil.
Make sure your aircleaner has plenty of room above it, or drive around with the bonnet up, so the Xtreme lid works.
Don't drive down dirt roads, or the K&N rock catcher will let the little rocks into your engine, where the bore wear will start losing compression, and power, so you'll need to buy an electric supercharger to make up for it (better make sure the alternator was stepped up).
MSD & Pertronic? Distributors aren't like Carbies, more isn't better (unless your talking Blown Alcohol Hemi's with twin plug heads, like Top Doorslammers). Most engines only have 1 distributor hole, and 1 plug per cylinder.
Windage tray is a good idea, when you start revving it up, over 6500 rpm, but any good sump (aftermarket) should have 1 built in.
Stubstack? We used 1 on our drag car years ago, sort of difficult to run with a aircleaner.
Otherwise, great idea!