I know you're 19 and want to go fast cheap, but you're going to someday regret converting it to carb. I was young and had a very nice 85 Mustang. It was reliable, had some basic bolt ons, and drove very well even though it was carbureted. I ruined that car making it "fast" on a very cheap budget, and it was horribly unreliable. I didn't put the money where it mattered, and literally destroyed the car. I regret it to this day. Now I'm 36 and starting over on a 93 GT that needs floors,
suspension, body work, new seats, unknown rust repairs, etc. I'm sticking with the efi, and upgrading where it matters to make it a nice, clean driver that runs good. These cars aren't getting any cheaper or younger, take care of it.
Keep it efi, do some salvage yard upgrades, maybe put an NOS 05115 100hp dry kit on it, and have fun bracket racing it.
Make the chassis solid first, full length subframe connectors, upper/lower torque box reinforcements, good
control arms, etc. Put some gears in it, make the trans strong (especially if a T5), and make it hook. There are some very quick NA cars out there that have Cobra parts, or GT40 parts, or run "stock" with good tuners.
Just some advise from a guy who was young once.