Alrighty, first off, yes the MPFI system comes with a new fuel pressure regulator and the bracket. If you are going to replace the FPR, you are already there to just replace the whole thing. Next, if your truck has never had the intake gaskets changed, now is the time to do it. These engines were designed with a cheensy plastic supported intake gasket sandwiched between two dissimilar metals. Add a couple hundred thousand heat cycles and they crack and allow coolant to leak out of the engine if you're lucky, into the oil if you're not. Many people blame this problem on dex-cool coolant, which may exacerbate the problem, but I don't think was the sole problem.
However, Fel-Pro has an updated gasket set that includes every gasket to do the job, including the upper intake gaskets (which you will need to do the MPFI swap), and one valve cover gasket (you only need to remove one valve cover to get the lower intake off, but most people pull both of them).
Here's where youtube and the internet comes in handy. The gentleman above wasn't being a smart ass when he said this. Yeah everyone wants a quick answer here when often times that's not so. You usually will learn a hell of a lot more by researching yourself than having someone do it for you. Not nearly as convenient, but the truth. There are several videos of this job being performed on the 5.7 motors and several walkthroughs posted on the internet. It is a very tedious job as alot has to be removed from the top of the engine to get to the intake. It is a pain in the ass, but perfectly capable by someone who is decent with a wrench and is patient. While the job could definitely be done in a couple of hours, I would plan for about 6-8 depending on your skill level. As for what I would suggest as needed for the job.......
1) Felpro MS98000T Intake gasket set
2) Felpro VS50392R valve cover gasket
3) Delphi FJ10566 MPFI injection
4) Felpro ES72224 Intake manifold bolt set
5) A good INCH-pound torque wrench for the new lower intake bolts above
6)Crowfoot wrench set for the fuel lines on back of engine.
7)Cheap 4' fluorescent "shop" light- I used the included chains to hang the light across my hood, much better than wrestling with a work light.
8) Almost forgot, these trucks came with a no good, POS quick connect heater hose connection on the front passenger side of the motor. Now is a good time to replace it as it is likely corroded, or use a barbed fitting with a hose clamp in lieu of the original.
9) Coolant flush, new coolant and distilled water
10) Cheap oil filter, and cheap oil. When you do this job, some coolant and debris will inevitably find its way into the lifter valley and down into the oil. After you finish the job, drain the oil and change with the cheap filter and oil, crank it up, and run it for a little while then change back to what you normally use.
11) A good straight edge - the distributor must be removed to get the lower intake out. There are two straight lines on the distributor cap that I used in conjunction with a ruler to make two marks on the firewall so I knew the proper position of the distributor. This is imperative as these trucks have to be within +/- 2 degrees to keep the computer happy. If you have a tech II scan tool this isn't so important as you can use the tool to set timing. I didn't have this luxury so I made careful marks and have had no check engine light.
I would spend a lot of time researching this job before diving in. You may find yourself more comfortable paying someone to do it. Good luck!