107's with 72 cc, 4.125-.040 gasket, .010 in the hole will be ~9.5 static. With a .050 gasket it's ~9.35.
I'd leave the black bushing on the distributor. I pretty much use nothing but the black bushing anymore.
A 1" open spacer would really wake up the performer intake. Would require jetting up the carb a bit.
The car would like more converter without a doubt, a true 2500 would be good, if you want it to really make a move in the 1/4 or 1/8, 3000-3500.
It all a learning experience. Some are a gruff, some tactful.
