EFI is great & also a bane. There are pluses and minuses on both sides. I run EFI right now & wouldn't go back to a carb. The benefits far out weigh the negitaves in my opinion.
EFI Pros:
More fuel efficient for those who don't like to mess w/carbs.
you never have to touch it. (in 5 years running EFI, I have changed the plugs 2x & not done a thing else.)
quicker responding engine
will run on all angles (i.e. steep inclines it won't load up or bog down like a carb)
EFI Cons:
learning how to deal with EFI. Period.
parts are more expensive if something goes wrong.
Carb Pros:
Simple
If you keep on top of it and keep it tuned correctly, you can get similar gas mileage as EFI
Carb Cons:
Can bog our or load up on you (depending upon what carb you use) on different degrees of incline
if you go up and down in elevation a lot, you have to adjust/tune the carb, which in turn effects your gas mileage
typically, not as fuel efficient as an EFI system
It all boils down to what you want to do with your rig. Like I said, I wouldn't change what I have at all. If you do end up going EFI, you can get any system off of any Ford, Lincoln or Mercury that has a 5.0 in it and it will bolt directly up. The ideal set up is the newer (88-93) EFI, which is a Mass Air (MA) system anything older (up to 1987) is a Speed Density (SD) system. The easy way to tell the difference is to look at the injectors on the manifold. All of the SD systems have 14# injectors and are black topped. The MA system is a 19# set up system and are either orange or grey tops. What ever you do, I would stay away from the truck 5.0 because the plenum is very tall & will require either a body lift, purchase of a high rise hood or cutting your hood. The car EFI systems will fit under a stock hood at stock height. There will not be any rubbing issues. As a matter of fact, the bolt on top of the carb that holds the air cleaner sticks up about 1/8" taller than a car EFI plenum.