Keep the vapor canister. It provides a means to vent the fuel tank without fumes.

You'd be better off using a stock-type '82-'87 V8 mechanical fuel pump, which uses the return line. Helps prevent vapor lock. The Carter M6626 (Summit is calling it "GM6626") will keep up with a healthy 383.

But I already have this edelbrock pump, so what should i do if i plan on keeping this? And i dont really need the vapor canister; it takes up alot of space just for venting a gas tank...what can i do do get rid of it but maintian a vent for my fuel tank?

You can use the supply line only (the larger one) until the Edelbrock pump dies.

Vented gas caps are available.

Is there a problem with using an Edelbrock pump? It isnt going to be a hard driven daily driver...

And would a vented gas cap go on the gas tank or is there something like a vented gas line plug cap?

IMO, Edelbrock makes good intake manifolds. I personally wouldn't use the rest of their stuff, although the fuel pump will probably be fine.

A vented gas cap replaces the non-vented stock gas filler neck cap.

If I go the route of keeping my fuel pump and getting a vented gas cap what do I do with the lines? Does that breather line run from the top of the tank, thus requiring me to drop the tank?
And what would I do with the return line on the tank? Get a pipe plug and plug the fitting?

You can disconnect the lines back by the rear axle and remove the runs up to the engine compartment if you like. Cap/plug them back there.

As you might guess, I'd suggest keeping them around in case you decide later to go back to using either the return line and/or the vapor canister.