I'd leave the steering alone unless you bought a complete setup from some hot rod company. They do use that frame on 40 Willis fiberglass bodies, but i believe they leave the suspension stock.
I did an 86 with a built 350 and 700R4 combo. Was lots of fun, but burned up the motor...(builder left a rag under the intake manifold!) Don't drink and build engines...LOL! one costly mistake!
Anyways, the stock suspension was fine. I'd have lowered it more and worked on the rear more once I put in more power, but it never got to that point...too many hobbies.