I'm not a huge fan of the 509 for your application. I guess you can advance it some and it wil work better. As for the valve train, yes you can and I don't think you'll have any issues, as long as it's new. As for a carb it depends on what you want to do. If you just want a decent cruiser an 800 thunder would be ok, if you want max performance a Holley HP series would be best. Good luck. I hope you are using headers and a decent exhaust.