I have seen the megasquirt system and it seemed like a pretty good setup for the price of admission. Other options for stand alone EFI get pretty spendy like FAST or SDS.
The simple solution for fuel delivery is an intank pump. As long as you aren't going nuts with the motor, you can get an intake pump for a fuel injected ford application. For instance a 255 LPH in tank pump will eaisly support 400 HP's and can be had for around $100. It might take a little fabrication to mount it in your tank, but shouldn't be too bad. Another option is just use an inline pump and get the pickup down to the bottom of the tank or in a sump.
Using the current carb pump to get fuel to an inline pump won't work. There is no way the carb pump will keep up and the inline pump will either run dry, cavitate, or collapse the line.