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I would go FI... tolerent to different blends of gas, altitude and temperature. Thats the biggie. Another mile per gallon or so is a nice bonus.
I think the stock style 90's FI is now tunable. You can probably find somebody to help with a custom tune on a Magnum based engine if you step up the power a bit. FAST EZ EFI would be a good choice also.
On the fuel smell, if its coming from gas boiling or evaporating out of the carb, FI would stop it. If its caused by venting, maybe not. Vapors from the vent don't usually make a big stink so likley FI would fix it.
If you vent the fuel tank with a return style system you'll have fuel vapors..... If you do a closed system venting into a carcoal canister with a controlled purge there won't be a vapor issue.. Thats how I'm setting up my wagon
BTW Sorry Doc my Thermoquad percolated fuel same as my other Carters & Holleys.... Drive a car for a couple hours to get it good & hot then park it in a closed garage.. You'll be smelling fuel... Especially with the garbage fuel these days..Not so with a late model car... 
"The Armies of our ancestors were lucky, in that they were not trailed by a second army of pencil pushers."
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