Your best bet is to get an engine that is factory EFI. some of the carb blocks(blocks pre-efi option) don't have a pre-drilled hole for the knock sensor. Other than that the blocks are the same.

As mentioned in other posts I would bore the cyls. .020-.040 over, enlarge the valves, run a performance cam, header, and open up the exhaust/intake systems. Enginebuilder can give you all of the info you need on building a performance based/reliable 22re.

Yes you can run a cold air intake system off of a snorkel, yet you shouldn't run a snorkel for daily use. You really want your air intake system to be as short and straight as possible, a snorkel doesn't really allow for this. A snorkel system on your engine is like you breathing through a straw. If you are going to run a snorkel, design your cold air intake w/two inlets, one to the snorkel for water x-ings, and a short one for daily use