Webers? Been there, done that in about 1985 (on a B20, though) back in the mid 1980s.

Yes, they sound nice. Yes, they go allright, when they go. Yes, they used a lot more fuel than a (factory) pair of Strombergs or SUs. Yes, they'll give a B20 with a K cam as much grumba as a mild Holden 186S, according to the shop who dynotuned it.
They also drove me to despise carburetors. They fall apart, especially that idiotic jet cover with a wingnut which likes to liberate itself from the units, no matter if how tightly it's done up, at the most inopportune times. Their floats would fail, when the joints on the stupid things would fail and the float would fill with fuel.
But that's what you have to live with, with Webers. They're tolerable on a track car or weekender, but AFAIC the angst isn't worth it for a daily driver. The installation above did both duties, and it compromised at both tasks... but hey, that was experience that needed to be learned.
On premium ULP, my tired old 745 16V wagon with AW72L used to get about 500 or so kays to its 65 litre tank on a trip, with its factory LH2.4 system, and less than that on 95 or E10. OTOH I struggled to get 250 miles per 60L tank in the Weber'd 4-speed 144.
IMHO, your car is crying out for a 5-speed gearbox, unless you never take it out on the motorways or open road. M40 box is usually a 140 4-speed; you likely have an M45, unless the 16V engine is upright mounted and the previous owner stuck an M40 in there just to finish it. IMHO, non-overdrive boxes aren't practical or desirable in the real world, unless you like the engine buzzing away at 4000 RPM for hours when doing highway speeds.
If you find a good 240 power steering rack for sale, grab it with both hands ASAP. They're NLA from Mother Volvo and The Word is they're getting hard to find.