Honestly, go aftermarket. I went with junkyard tbi on my 78 f150 back in 2007. Back then there were only a couple of aftermarket efi (tbi clones) and they were 2000 to 2500 dollars, I pieced together a junkyard tbi for around 7 to 800, that was all the sensors, harness, injectors and a new adapter plate for the intake plus the fuel pump and new fuel lines. Then there's the labor of thinning out the harness which I did myself but I'm pretty good at wiring and it still took me two nights to get it how I wanted.
It would run OK with a stock 5.7 chip but if you want to Max the performance then you'll need to learn to tune it and buy the stuff to do that which cost me another 2 to 300 in 2009.
Now you can buy a self learning Fitech system for 1000 to 1200 dollars and it's mostly self contained. The only real reason to go with the junkyard system for basically the same cost is the satisfaction of being able to say "I did it myself. "
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