The air pumps tend to lock up when you remove the belt and don't use it for a while so be careful of that. If yours is junk and you need one I have them with the brackets, just send me your address and I'll send you one.
On the oils back at that time frame and when I was building engines, I only used Quaker State 1040, and of course this was about the time where Amsoil and Mobil 1 were becoming a big thing on the market. There is nothing wrong with running either one of them.
Depending on your temperature in the summer it is where you would worry about it as far as the difference between 30 weight and 40 weight. Because I was in the Chicago area at that time as a mechanic at a Pontiac dealership and then doing my own thing plus the turbo charging I always used 10-40. That's not to say that you have to.
Along with the 86 Cutlass that I still have. I also have a 83 Olds 98 Regency, and an 89 Oldsmobile Custom Cruiser wagon with an Olds 307 and a 1991
Chevy Caprice, and I am also on the
b-body forum.
On the smog pump it doesn't hurt anything plus by injecting fresh air into the exhaust stream and it does help to reduce some of the unburned hydrocarbon. That's actually what it was designed for.
If you're in a location to where you do not need to smog test the car, you can remove it and all you do is plug the holes in the exhaust manifold with I believe quarter inch npt pipe plugs. Doing so will not hurt your runability or driveability.
On the question of the carburetors, my 86 Cutlass has the 1406 Edelbrock which I believe is 600 CFM on the stock Oldsmobile intake manifold. I put the 1-in spacer in between which is also an adapter. I believe it's Mr Gasket that goes from spread bore to square bore.
Now on making that change, you have to understand you will have to change the distributor. If you have the computer controlled ECU system your engine will hunt terribly bad because it's no longer getting a signal from the carburetor it has no clue where your throttle plates are. You need the pre-computerized HEI to fix that issue.
You should have the 2004R transmission and that will work perfectly fine you just need to make sure you have the correct linkage for your detent cable. Holley and Mr. Gasket has that. Most people confuse that as a kickdown it is not. If you have the automatic overdrive transmission or if you have the turbo 200 transmission that has to be hooked up correctly and there are multiple YouTube's about that. Otherwise you will burn up the clutches in the transmission in no time at all.