I did something similar (without the extra bottom end work - just new rings) some years ago, and used a Megasquirt EFi and motorcycle throttle bodies (GSX-R11, iirc).

Quite a bit of head work, cams, custom exhaust, crank trigger... Estimated ~245hp once done. Certainly much more than standard, and still nice to drive.

I toyed with the idea of carbs as I had 4 pairs of Weber 40DCOEs available (only needed 3, obviously!) but went with the EFi as it was new to me and offered a chance to do something a bit different. The carbs were a fall-back position that I didn't need to use.

The M110 (especially in a coupe) is a great engine, and definitely worthy of this sort of work.

Good luck!