There's no sensors nor computers...
I personally don't wanna mess with it. But if there's mountains to gain id be open to the idea
You answered your own question!
However if you really wanted to do some tuning.....There is probably alot on the table for that engine even if it's a low compression variant. It's just a ton of work on a carbureted engine.
If it was mine, I would.......
Rip all the A.I.R system off & plug the ports on the manifolds, It creates exhaust heat & that is the last thing you need!
Dual 2 1/2" pipes into Flowmaster Big Block II mufflers, Have a O2 bung welded on each side as close to the manifolds as possible with plugs.
Buy a Wide Band Sensor & monitor (Probably lost you right there because the price)
I would plug the EGR because it will plug itself eventually.....Then you have way to much timing!
Re-Curve your distributor! This is where the most gains come from!
On this engine without EGR.....34-36 degrees total mechanical all in by 2500-2800. Plus 10 degrees vacuum advance hooked to Manifold Vacuum, You will need to limit your existing vacuum advance or buy a adjustable one.
I don't worry much about initial timing as long as the starter don't kick on hot re-starts....I like around 10-12 degrees.
Then use the Wide Band to "Jet" the carburetor (Jets & Metering Rods on a Q-Jet) to achieve as close to 14.7:1 AFR during cruise situations as you can, WOT & High Load will be richer because the accelerator pump & Secondary enrichment circuit.
You will probably need to set/adjust the Secondary Air Valve opening rate which can be tedious....But will eliminate the BOG associated with most Q-Jet carburetors.