IF you get rid of the feedback carb then you'll have to change the distributor to a non computer HEI. Both can be bought at any parts store, just order one for a late 70's blazer. Or the wrecking yard off of a blazer or light duty pickup.
You will have to figure something for the lockup on the 700r4 since the computer won't be able to run it, several different kits around for doing this.
Passing emissions may be a problem depending on how picky they are in your neck of the woods.
If it were mine I'd look real close at converting over TBI, I think that'll be the best way to get around most of your problems and have the added benefit of not having to deal with a carb.