I would leave the TH400 in it,it would be a lot of work for little or no real gain to put the SM465 in it...if you prefer a manual though,thats your choice..I'd say the automatic would make driving it more pleasant,especially in city traffic..
I dont know if the air pump would work on a 454,the brackets are not the same for a 454 VS a 350,the pump itself might be though..
I'm the wrong guy to ask about emission devices,because most of my experience with them is removing them and either selling them to someone who needs them,or tossing them in the scrap pile...

..here we only had to pass a visual inspection on trucks after a certain year,most of mine were well before that cutoff and already had things missing like air pumps and flute pipes on the exhaust manifolds..
I think the altenator and A/C compressor should be useable on a 454 as long as you have the big block brackets...be best to find a complete engine still in something and running,it'll save a lot of hunting for brackets and aggravation..
The guy I know who bought that school bus engine jumped on it because it had
"427" stickers on the valve covers,and the price was very cheap--later on after he got the thing in his truck and drove it awhile,a guy at a swap meet looked at the engine and said "thats not a tall block 427"..they got into a sqabble over it,but the guy knew his engines,he later found out going by the engine code it indeed was a 366..everyone tends to overlook those engines,racers dont like them,and most pickup guys want a 454 or 427 "car & truck" block..
But the 366 has 4 rings on the pistons and a smaller bore,so they can go a long time under heavy loads without overheating,and there is plenty of meat if you want to bore them out--they were built for long haul heavy duty trucks and busses..some had gear drive reverse rotation cams too,but you can swap a timing chain & gears along with a "car" camshaft and use a car distributor gear with it instead if desired..
Just about any of the older big blocks were decent for towing,provided they didn't have a camshaft that was for high rpms ,the off road and towing ones work great for lower rpms and street driving & towing..