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I haven't used one myself. It's throttle body fuel injection, not multi-port. I expect it'd be more efficient than a carburetor--especially when using the closed-loop add-on, complete with oxygen sensor--but probably not as efficient as a stock 5.0 mass air system.
Another possible solution would be to grab a late '86 or '87 F150 with the 4spd OD tranny that was used with the EFI 302's. The ratios work well with a 3.50 rear end.
I'd match this with the 57-72 9" third.
I don't know what other combos this tranny was used with - sorry. I have one in an '86 4x4 built in Canada. My mechanic says it shows up in the charts as an '87 tranny.........