Yes, all you would need is a 400 crank and 400 pistons. Most people I know who had a 351M made it into a 400 when it came time to rebuild it since it's so simple. 351C, 351M, and 400 heads all would work but most prefer the 351C's. Edelbrock has even started making aluminum 351C heads if you wanted to go that route. You'll have to do a little reasearch on different pistons and chamber sizes to get the compression ratio you want; the 351M and 400 stock compressions were extremely low. You'll also want to use an earlier 351C timing chain set, as the 351M and 400 were retarded 6 degrees.
As for the rest of the parts you asked about, I've just installed a set of KYB shocks on my Elite. They're a bit firmer than stock replacements but that's helpful in getting one of these heavy cars to corner well. I'm also using the HD springs for a 'C' code 460 car. The suspension is very firm overall but that's what I was going for. Handles much better than you would expect by looking at it. The shocks run between $20-$30 each from Summit.
For intake and carb on the stock engine, you can't go wrong with an Edelbrock Performer and you shouldn't need any more than a 600 cfm carb. You might want to step up to a 750 cfm if/when you turn it into a 400, depending on the level of performance you build into it.
For exhaust, I'd just take it to your local exhaust shop. It's pretty easy to install a nice duel exhaust and H-pipe on these cars. I just had this put on my Elite; 2.5" pipe, a pair of "turbo" style mufflers, and a pair of long custom fit 3" stainless tips for $325. Sounds really nice out the back and quiet inside.
Hope this helps.
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1975 Elite - 460 powered, tire shredding, daily driven project car.
1985 Bronco II - Cammed-up, bored-out, snarling 2.8-powered 4x4 toy.
<font size=-1>[ This Message was edited by: RyanJ on 7/26/05 2:00am ]</font>
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