It's been many years since I used either, so I thought I'd ask.  I'm planning on picking up a used Sears Timing Light, the standard chrome model seen in on ebay and craigslist, and an inexpensive used Dwell-Tach meter.  Am I missing anything in terms of acceptable quality or accuracy buying older used equipment (assuming it works) for the purpose of getting my 390 tuned?

I have a 67 390 GT motor in a '67 Mustang.  I'm rebuilding the carb and doing some work on the steering and distributor as well.  I have a cast iron CJ intake sitting on a shef and am curious what type of performance gain (if any) I can get swapping the CJ Intake for the S-Code while keeping stock carb, exhaust , etc...

There is an outside chance I may get to rebuild a 390 for my brother.  It will be in an truck from the 50's and it won't be a screamer.  Something like;

282H Comp Cam
F-427 Intake
Holly 650 carb
C6AE-R heads
Stock rockers
Shorty factory headers

Ideally a  vintage look with good low RPM torque.

I've got a set of rods from a 61 t-bird with an automatic that has 60k miles on it.  Does anyone see a problem using these rods?  I could put ARP bolts in them. 

As everyone knows the cost adds up quickly, so I'm trying to do something on the lower end of the cost side with a built in cool factor