Agreed.
4 barrel intake and 600 cfm carb (it'll be just fine, maybe a little tuning), dual exhaust (2.5" will be plenty big enough), headers would be an improvement but not absolutely necessary. Since your car is a '74 it should already have an electronic ignition set up, but it wouldn't hurt to put in a performance module to replace the stock one, mopar's "orange" ignition module works well, "chrome" would be good as well.
Since you just bought it, make sure you do a thorough tune up before you get going. Plugs, wires, cap, rotor, air filter, fuel filter, change the oil, set the timing, check the vacuum levels on a gauge etc. You'll want to know that everything was running tip-top before you make any changes, so if you have any issues after your upgrades you can attribute them to the upgrade and not a pre-existing problem. Nothing worse than having to check 3 things at the same time, or have issues tuning a new carb because the ignition isn't right or the fuel filter is plugged etc.
I run the "stock" (rebuilt by a previous owner) 318 in my Challenger with an Edelbrock streetmaster 318 intake (small intake runners to match the 318 ports), 600cfm Carter AFB, Pertronix electronic ignition, and headers with dual 2.5" exhaust. For what I assume is an otherwise fairly stock engine, it runs well and is a lot of fun even in the heavy Challenger.