The only difference between the 4150 and the 4160 is that the 4150 uses a metering block with jets which can be adjusted on the secondaries where the 4160 uses a non adjustable metering plate on the secondaries. I ran a 3310 4160 on the old 396 I had in the Chevelle for years and it worked great. I think it will be perfect for for the combo you are planning. Depending on how well the heads flow and what the true compression ratio are you should be right around 400 horsepower and 500 lb/ft torque with the XE262H cam.

Well looks like I may not be saving money on the ignition system after all. Since I don't know how old the current system is, I decided to go with a new distributor along with the other new stuff. My current distributor is the Mallory unilite so that's what I am going to stick with. I do however have a question. My current system utilizes a mechanical advance setup. Should I stick with this setup or go to a vacume advance setup since the car will be primarily a street vehicle? Thanks for any input.

Before you do that, you might want to hit up big2bird. He's not far from you, about 10 miles perhaps. He knows all about ignitions and actually has a couple old Sun machines in his garage for checking them and dialing in different curves etc. Tell'm Ben referred you. You can just PM him here. He should respond.

There's no reason to replace that Unilite distributor, it is great. Just add a Mallory HyFire VI A with it. I'd still have mine in the Chevelle if the advance stop hadn't broke. Mine was about 15 years old before it broke. They are also easy to adjust. You use springs to adjust the advance curve and the timing tab to adjust the amount of total advance. I'm not sure what works for a BBF but I would set initial timing at 14 degrees with a total advance between 34-36 degrees all in by 3000 rpms.

http://www.summitracing.com/parts/maa-6852m/overview/

Update on the 429 conversion. I have been accumulating parts and now have the following:
1. Comp Cams K34-238-4 Extreme Energy Cam and Lifter Kit - Cam, Flat tappet lifters, Springs, seals, Locks, Etc with a 1300-5500 RPM Range
2. Edelbrock 2166 Performer Intake - Aluminum, Dual Plane Idle - 5500 RPM range
3. Summit 750 cfm 4bbl Square Bore Carb - Vac. secondaries, Electric choke
4. Hooker Super Comp Long Tube Headers - 35", 1 7/8" Primaries to a 3 1/2" collectors, Reducers from 3 1/2" to 2 1/2" exhaust and Stage 8 bolts. This was the only header I could find made for a 429/460 engine into a 71-73 Mustang. It was also recommended.
5. Mallory Hyfire 6A Controller.
6. Mallory 29216 Canister Style Coil - 51,000V
7. Holley 110GPH Mechanical Fuel Pump
8. Set of E3 Plugs
9. Water pump, Inlet housing, and Fail Safe thermostat
10. 100 Amp 1 wire alternator with 1 wire conversion kit.
11. Complete 429/460 Motor Mount Kit and hardware for 71-73 Mustang
12. Fel Pro 429/460 Gasket Set
13. All new hardware
14. Used Bellhousing, flywheel, clutch, bearing fork, and pressure plate for 429 Ford
a. Flywheel appears to need resurfacing
b. 11" Clutch & Pressure Plate are good - Look like McLeod or Zoom

I got a starter with the engine, but don't know if it will work because the engine was hooked to an automatic.

Need to get a fan, some brackets, and pulleys and other odd and end things.

Since the heads will need to be disassembled, I would like to port match the intake and exhaust openings.

Look forward to comments and input.

Porting the heads takes a lot of time and with the combo you are building won't make all that much more power. I can't remember off the top of my head but I think I spent about 20 hours porting the ones for my Explorer and twice that on the AFR's in the Cobra. Also, I don't have the tools to set the valve springs up so you'll need to have those installed by a machine shop before we put the engine together.

I have the valve spring tool.

I've never set up valve springs. I've always had them done when I have the heads machined.

I talked to my dad earlier and he is going to have a machine shop install the new valve springs as well as gasket match the heads. He thinks it is well worth the $300 they are charging for it. We will pull the heads this weekend and drop them off Monday. They said in 2 to 3 days we will have them back.

429 Head update
 

Good news. When we pulled the heads, we discovered that the ports had already been gasket matched. It just cost me $25 to have the valve springs swapped.

I think I found a use for my savings. Research and what I've seen on Horse Power on Power Block led me to look at rockers. I think I'll switch the stamped steel rockers for some aluminum roller rockers. I am looking at the following I found on Summit.

http://www.summitracing.com/parts/cca-17045-16/overview