Greetings and welcome. Nice 5 you got there!
For the carb, I just upgraded to the M2150. I paid near 3bills for it, but it was completely rebuilt and came with all the parts/adapters. You can get those for much cheaper if you're willing to do the rebuild yourself.
As to the fuel lines, I didn't replace the entire system, but did replace the metal tubes that run from pump to carb. I used this place for those -> http://inlinetube.com/Preformed%20Li...s/ocatalog.htm
The other carb many will suggest will be the Weber, which, fully remanufactured will run in the 3-5 ballpark. I figure you'll want to be going the DIY rebuild, and my understanding is that either Motorcraft or Weber are fairly standard rebuild with cheap kits found at local parts stores