I had a 74 duster almost exactly like that....I went and modified it for a 340 and all the go fast goodies.
when it was finished I wished I hadn't touched it at all and I wanted my old car back the way it was.
They are originals only once
I rarely weigh in on a topic more than once, but I'm feeling the need to offer a viewpoint. Back in the day, I had a 73 Duster with almost the same setup as Rainy Day Auto. Slant six, auto, and not much else. A fantastic car that I wish I never sold.
My current baby is a 66 Valiant with 126K on the clock, still running like a Swiss watch on the original engine. 52 years old, and you can't tell it's running when you stand next to it. With the exception of the radio hole being sawed out by some idiot for a DIN unit, and a hole in the dash to accomodate a manual choke cable (converted from the factory electric version), it is dead stock as it left the factory. My first thought upon finding this jewel, was to move to a 340/6-pack. And yet, when I drove it for a while, I could not bring myself to be a participant in sending another original survivor to the scrap heap of history. I am keeping the slant. It will be spunked up with internal and bolt-on goodies, but for any but the well-informed, it will appear to be a stocker. As RDA says above, they are only original once. I feel the responsibility to keep this one for history.
And lest anyone wonder if I'm a history-phobe, I am not. I have a half an eye to finding another A-body that I can turn into a street beast. But it will be a car that's already not in the history museum.
So, all this said, this is indeed your car to set up as you please. If you decide to go the V8 route, it will likely be better/faster/meaner than any slant. But it might be a good idea to consider changes that you can't take back.
Fantastic car by the way...