Some heads are the same for all 150/175/200 blocks. Some suffixs will use a different head. The GT/XP heads are a little looser than stock 150 Heads and that is why it runs 30* timing. Raising the compression and retarding the timing will do better. ALL the parts you have are pretty good parts. Should be a 1 3/8 throat carb which is bigger than the 1 5/16 that the 200's came with. You will need a set of intake stuffer to make the engine have a little bit of bottom end by increasing the crankcase pressure. This will help mask the bottom end loss of higher port timing. There are alot of good "TIGHT" heads for the X-flow. The thing that is different about the X-flow heads is the "flow" of the head and not just the CC's of the head. THe combustion design of the chamber channels it into the combustion chamber. Some do a better job. Hope this helps.
When I do the thread on the X-flow you will see alot more and understand what it takes to make one of these thing run. They are big Cubic Inch engines. They are 2.5L. Mercury didn't have anything this big until 91 (Except the cosworth junk). They have thier faults but a plus is the parts are relatively cheap compared to mercs and are EVERYWHERE. The V-4 X-flows use the same piston, rods, bearings, reeds, ect. Alot of parts to interchange.