First, I would keep "those vacuum ball thingys". They run other items such as HVAC controls and flapper doors. It really isn't a big deal to swap out the carburetor and distributor (Go to a parts house and get a "1975 Oldsmobile HEI"). If you're on a budget, I would recommend a used non-computer controlled quadrajet. Your car is already set up for one which will bolt right in, just find an older unit. Before you start ripping things off, I would learn what each item is, and it's function. I'm not saying all that crap is good, but you should be familiar with what you are doing before starting that endeavor.
That computer system will run most any small block Olds as long as it does not have any radical modifications. Mine has never given me any problems.
Most Oldsmobiles have a hot air choke which used manifold heat to operate. An electric choke uses 12 volts applied to a bimetallic strip which opens and closes the choke depending on temperature. A manual choke requires a cable to be run up to the dash, and you remembering to close it after the car warms up every day. Most folks who don't understand automatic chokes go this route, because it's the easy way out. Over time, screwing with a manual choke becomes a pain, so why not do it right?