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The EEC-V from the Explorer is a great idea! If you're trying to save money, I think it would be the cheapest route, without a doubt and offers all the tuning capability you need if you obtain a TwEECer RT device. Mike Glover has developed software called CalEdit (which in its early days was sorely lacking in capability) which in its current state supports strategies employed by almost all late model EEC-V computers.

The advantage to the last edition of the EEC-V software used to run the 5.0L engines (probably the REAC4 strategy, EQE3 catch code or similar) is that it benefits from decades of refinement. It just works - the engine starts up authoritatively, warms up smoothly and can be driven without issue even when cold, does not rely on a barometric sensor of any kind like the older EEC-IV computers did and even qualifies the vehicles they were installed in for LEV (low emission vehicle) status.

With TwEECer installed you can alter spark tables, fuel maps, MAF sensor transfer functions, ECT sensor transfer functions, injector data and even enable dual independent fan control for your e-fans. I'm using said computer for my '66 GT restomod although my engine is the original 289 significantly hopped up beyond stock.
 

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It's undebatable that unless you get one of those Accufab carb spacer styled throttle bodies, you'll be drastically altering the appearance of the engine with your EFI setup. For some, this is an issue because some folks are definitely into the carb'd look... I totally understand that. From that perspective, many of the carb replacement TBI units do work fairly well. If you're going for max effort and optimization for the engine, then the MPFI is the next step - nobody has developed a head with direct injection retrofit yet that I'm aware (that would bring things right up to the latest tech!).

I have a friend with an early Bronco that opted to go with what I think is a Mass-Flo EFI setup which places the MAF inside the throttle body bore of the carb'd intake. It conceals the MAF very effectively, but we've had some issues tuning around it. Regardless, it produces around 650 hp and runs well enough, so I'd say if that system is still available, you'd be able to run MPFI and retain the "carb'd" appearance as well.

In the end, it's your choice whether you enjoy spilling fuel all over your hands while removing fuel bowls from carbs and altering jets. That stuff is all adjusted using the keyboard with EFI, but for some the computer software can be a challenge in itself too... I definitely appreciate the frustration that surrounds that.
 

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There's still an option. You can probably find someone selling an F3 chip or Quarterhorse. The other option would be the TwEECer RT. That's what I'm actually using for my 289 build up using a REAC4 strategy computer from a late model 2nd gen Explorer with 5.0L V8. TwEECer seems to support almost every strategy out there at no cost as well.
 
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