You could probably get away with some more timing, check out this article from ford muscle, about 3/4 down the page under the heading of "Curving for Performance" 3rd paragraph. http://www.fordmuscle.com/archives/2000/03/timing/
You might try PCV valves for starters on you vapor problem. Also see if your valves covers are baffled)
I had a worse problem on the original build of my 408w stroker (originally build for my mustang with auto clearances) It would spit oil out the valve covers between 4000-5000 RPMs. I added a puke tank on it when I first put it in the jet and later put a vacuum pump on it (which freed up 400rpms), unfortunatly it filled up the puke tank with oil even faster. However with the new build all the problems should be corrected.