Smog, Ha! I have one complete set (plus most of the components for a second) for a 66 'A' code Mustang sitting in boxes and shelves. Legally, no. If you are in California, the law is quite specific, but never enforced. Performance wise, you ain't done yet?
If you do, you will need to do one thing prior to running the engine, plug the eight air ports on the heads. I think a set of eight 1/2-20 pipe plugs will work on the heads. DO NOT GET BRASS, get steel. The plugs set from Ford is very expensive, somewhere between $50 and $80. You could also install a set of non-smog heads. The rest of the stuff just unbolts. Don't throw any of it away. Last year I helped a friend put all his back on a concours 66 Mustang and we did have some trouble getting a couple of things. You might consider a new lower pulley, water pump pulley and alternator brackets to remove any 'stigma' of smog. They internals of the engine are the same, it's just the carburetor (jets mostly) and distributor (weights and springs) that are set up different and those are easy to rework.
Jim