Here's the rub as I see it.
If you take out the ECM, Drivetrain Management System, Distributorless Ignition System, catalytic convertor, oxygen sensors, and sequential port fuel injection, won't that leave you with the equivalence of a 1972 under-powered, gas guzzling, obnoxious polluting engine?
It would be a place to start to make something nice out of, but at what cost?
I have done something similar to a 1983 Trans Am. Had a computer controlled quadrajet and distributor, and a nightmare of vacuum lines, and a notorious vapor lock history.
In a fit of rage after a multitude of problems, I begun to snatching out vacuum hoses, wires and whatnot, replaced the E-q-jet and vacuum advanceless distributor with old school versions. That process unleashed a beast under the hood.
The difference in my scenario is that the '83 Tran Am engine control system was a horrible idea to begin with. I don't feel the same about the current modern systems.
Carl