As a funny side note....I had an '84 NA Regal that I took to the dragstrip when I was 15 just to get some experience at the track...it was my first time racing. Frankly, I was quite bored one day and just thought of all the FREE things I could do to the car to make it quicker.
I flipped the air cleaner lid, dumped the pipe after the catalytic, removed the AC and smog pump belt, bumped the timing up a bit, and found the shortest set of tires I had laying around (to help that horrible 2.41 gear!!). The car ran a 18.30 in the heat of summer.
Not exactly quick, I know. But all the literature I've read pins these as Mid-19 second cars. I guess my point is that just by unchoking these engines there is more potential to be had, even for free. Then there is weight reduction....every little bit helps.
Good luck on your project VKRegal. Go with that Edelbrock package, the gears and the tranny and you will have a good combo.