Computer chip
Nah, skip the chips until you are totally done with mods then get a custom one burned. They basically raise ignition timing, play with fuel pressure, and well that's about it. They also play with the WOT A/F mixture a bit...not enough to warrant their cost.
Get you a timing light bump timing to ~13.5-14.5* BTDC and run 93 pump gas. If you only have 91 available you'll be closer to 13*. $30 timing light.
Next buy you a quality fuel pressure regulator. I have a BBK. Some have a Kirban, they all do the same thing. When that is installed lean out your mixture from ~44psi vac line off and plugged to about 41psi. This will take some experimenting for best power and economy by looking at your plugs. $100 for both regulator and gauge if you shop around.
If you want to go MAF, you will have to source out an engine bay harness from a 94-95 302/E4OD truck...not the easiest thing to find but can be done. The 351W uses a different firing order as does the 302HO. You will probably have to rewire the injector firing order to your 1-5-4-2-6-3-7-8 non HO order. Not a ton of work but will take the better part of a day to do.
Also get yourself a Casper Throttle Calibrator,89.99, from summit, this also works great with the Diablo Sport Chip. Diablo no. is 1-877-399-6417,Summit is 1-800-230-3030. These mods. work great on my 92F150 with the 5.0 the Calibrator opens up your throttle more when you mash on it.






