Well, as I said, you can't do the 5 lug swap in the front using Z parts.
As for the brake upgrade, there's a list of various calipers on that website. You'll need both front calipers of whatever type you want/find, you'll need front rotors,you'll need pads, you'll need some custom brake lines.
Personally, I would buy the pads and rotors new. Stock 300ZX rubber brake lines won't fit on a 240sx and 240sx lines won't fit on your Z32 calipers, so you'll need new lines. You can get some from projectsilvia.com or pdm-racing.com.
This might give you can idea of what you'll need:
http://www.pdm-racing.com/products/brakesz32.html
I'd rebuild the calipers if you get them from the junkyard, since being able to stop is important. They have rebuild kits @ pdm, not sure if you could get the rebuild parts from Nissan.
The link in the post above also discusses the various master cylinders in the 300ZX. Some people keep the stock 240SX MC, but others go with the Z part. I've seen complaints of too much pedal travel with the stock 240 MC, but others don't seem to have a problem with it.
If you swap the rear brakes too, you'll have to deal with the emergency brake. Projectsilvia is coming out with an e-brake kit some time in the distant future, but right now there doesn't seem to be a good solution. Some folks rig something up, and others just do without the e-brake.
It seems that most folks with the Z brakes just do the fronts, since those do the majority of work when you brake anyway.