Hey there pagrunt has the answer.I was able to avoid all emmission testing in Arizona by Insuring my 84 Calais as a classic with Haggerty. [No annual driving limits on my policy] . I had to show the Proof of Classic Insurance when registering it in 2019. I would be that NM has a similar law. Then you can use a pre EST Distributor [ I bought an 1980 Delco Re-man from Rock Auto for $100.00], any Carb Intake combo, [Ditch the Feedback Carb!! ] and true duals with headers and no Cat required.
I can assure you that if you can register it as I suggest you will Save a lot of $$$, Time, and frustration trying to performance tune an 85 CCC controlled engine. Not to mention the Fun of trying your own combos of performance Parts .
Good Luck: Doc