1. no
2. yes
3. should
4. yes for drag racing only, replace with .87 V8 bars for the street, and bigger yet if you like cranking corners
5. yes
6. konis or good high quality gas, Bilstein and Edelbrock seem to be well thought of
Planning on the same thing, about 90% there collecting parts, here's my punch list;
V8 K frame because I found one for a decent price to be reinforced with a coupon kit from Dick Ross (Firm Feel), although I've figured out how to modify any K frame for flat pads to mount bolt on frame brackets allowing you to swap between stock mounts for the different engine families.
73 340
340-360 driver side exhaust manifold
92 magnum passenger side exhaust manifold
2 1/2" exhaust w/cats (my Duster is a '76), X pipe, dynomax mufflers, and side outlets
cast iron case A883 OD
Ebrock Performer intake with rebuilt T-quad carburetor
stock mag pulse distributor w/ GM HEI module, E core coil
26" aluminum radiator
Firm Feel tubular large diameter tie rod ends.
Firm Feel fast ratio steering arms.
Firm Feel stage 2 steering box.
FMJ (M actually) spindles
urethane bushings
Mopar Performance .920 torsion bars
modified B body lower control arms
Firm Feel tubular upper control arms to match lowers
'90 Cad Seville 1 3/16" front stabilizer bar modified to fit
B body 12" cop car rotors
Mustang 4 wheel disc brake master cylinder
B body 8 3/4 running stock timkins, 3.55 sure grip, and Mark VII Lincoln rear discs
'06 17 X 8 Mustang wheels/tires
Mopar XHD 340 replacement rear springs
'79 B body cop car 3/4" rear stabilizer bar modified to fit
home made subframe connectors, core support/engine box braces, and front/rear torque boxes
and at first KYB shocks because I already have them