Howdy JGull8501:
Welcome to the journey. Your exhaust removal question is really a federal government one. The EPA laws governing your exhaust are enforced by each state with Big Brother looking over their shoulder. Each state varies considerably in how they go about enforcing. So you will need to check out your options in your state. In general, vehicles that are over 10 years old, and over 50,000 miles have some room to flex. Soooo....
I believe your '77 250 will have a good exhaust manifold, as opposed to those which have the "Quick burn" cat attached to the manifold. You could simply repace your stock muffler with a good turbo type. You may also want to replace you original 25 year old cat, or "Temporily" remove it to test whether or not it was plugged. It would be illegal for anyone to recommend that you remove it. Others who have "lost" their cat system report losing weight, running cooler and increasing mileage and performance.
You would be wise to maintain the PCV and the stock air cleaner system as both increase performance and are good for the environment. Other emission stuff should be looked at carefully and assessed for interrelations and effects.
You didn't say what your rig was, 2 door or 4? Auto trans? And we could be more specific and helpful to you if you were to tell us more about your plan, your intended driving, your budget, your mechanical abilities and your goals.
You can start with a good ignition and carb tune up, increase the initial advance by 5 degrees, air up your tire pressure to the max and dejunk and unclutter the car. And read, read, read and learn, learn, learn.
Adios, David