If you swap the SN95/302 accessory brackets over to the 351(you should, it's easier), you will need a spacer on the balancer to line up the belt. Hooker swap shorties are a direct bolt on and you can use the rest of your current exhaust(if you have shorties now, if not go with the Fox long tubes and exhaust). As long as you have a 28oz flywheel, you can use any 5.0 clutch. I used Energy Suspension motor mounts and have 1" left of space with a Cervini's 3.5" cowl hood, so the drop mounts will def. help fit it under your 2" hood. I used FRPP oil pan swap kit for SN95, cost 120$ complete, the only bad part is that it's a 5 qt. pan(pick up and all). Also a small detail people often forget, for 6$ get a 90 degree thermostat housing, the 45s will rub the belt on the hose in a SN95. I run an almost stock 351 in my 94 with A/C(cut 1/2 inch off the battery tray for clearance), power steering, etc.
If you order a 28oz balancer for a 351 in a SN, it usually comes with the spacer. At least mine did, it's a FRPP SFI balancer.
Oh, and the clearance thing, I have a full, very tall, tubular GT40 setup. I don't know about carbs, but I've read about some fitting them under stock hoods. Not sure on that one, I can only talk about my personal experiences