Welcome to the Forums, David.
Cool name you have there. My 2¢:
1. is it possible to eliminate all the emissions and vacuum stuff and keep the EFI... if so what is the best way to do so.
Yes, but you will have to alter the programming on the ECM so it isn't totally confused when it thinks something should be there. Pulling emissions for space can be done, and the reprogramming is relatively simple. Probably the simplest an least expensive route you could go overall. Check locally for tuning and performance shops that can do this for you and get prices. Decide from there, but see trans control below.
2. Can I just put a MSD ignition ,distributor, intake and carb, and a fuel pressure regulator ...and loose the computer, ERG and smog stuff..What else is there and what other issues will i run into that I have not thought about.
Yes. That's actually a popular direction for simplicity or at-least familiarity's sake. You're dealing with stuff like carb linkage anyway. One consideration is what gauges you will be using. By 1995, most were electric speedometers, so you may need an adapter. '95 tachometers were ECM pulse driven - yep another adapter. There will be little stuff, like the pump power was controlled by the ECM, and you'll have to re-connect to the ignition-switched power, or use the ignition power to switch-on the original pump relay (my choice). Stuff like that.
3. What that about the trans since it is automatic and has a 4x4 with the dog leg is there any reason the computer talks to the tranny... or can I just unplug the harnesses.
Yes, depending on the transmission it has, it will need a controller with the ECU gone. That's the down-side to pulling the EFI. Controllers are in the $500-$700 range. And, no, I have not heard of anyone that has been successful tricking the original ECM to run the trans well without the rest of the EFI system. ID the trans first so you know if and what is necessary.
One more note - in any of these options, you may face a lot of potential electrical re-routing or removal. Many systems are tied in unexpected ways, or at least frustrating to track. I strongly suggest you get the EVTM for the truck to save head-scratching or hair-pulling no matter which way you go. Hope that helps.
PS: EVTM is the Electrical and Vacuum Troubleshooting Manual by Ford. Used ones are online fairly cheap.