The counter weight is a blessing, not a hindrance. It equalizes the mass on either side of the pivot allowing only airflow to deflect it. The issue you will have is the maximum amount of fuel you can deliver through the fuel distributor. Before I went EFI with my turbo wagon I could only push enough fuel through the distributor for ~6PSI, I lowered my redline and could push 9 PSI. With EFI I go to 18 PSI no problem and could push more but the fuel here is crap. If you're starting with a proverbial blank slate I'd have to recommend EFI out the gate. You would not regret it.

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90 300TE 4-M
Turbo 103, T3/T04E 50 trim
T04B cover .60 AR
Stage 3 turbine .63 AR
A2W I/C, 40 LB/HR
MS2E, 60-2 Direct Coil Control
3" Exh, AEM W/B O2
Underdrive Alt. and P/S Pulleys,
Vented Rear Discs, .034 Booster.
3.07 diffs 1st Gear Start

90 300CE 104.980
Milled & ported head, 10.3:1 compression
197° intake cam w/20° advancer
Tuned CIS ECU
4° ignition advance
PCS TCM2000, built 722.6
600W networked suction fan
Sportline sway bars
V8 rear subframe, Quaife ATB 3.06 diff