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A lot...of pain for no real gain. All the parts you'd have to buy when you are done ripping out the electronics just to make a carby engine work doesn't seem that encouraging.
It also isn't federally legal, either.
Well, if you don't need it registered and it's for track use, do it.
If you are thinking, well, carbs are real easy to work on and all that jazz, welcome to the 21st century and open a repair manual. I hate OBD2 and I'm starting to figure it out quite well.
As for cost, well, tough to say since:
1. You don't provide us with what you want to swap to.
2. Parts prices are different everywhere.
3. Do you deal with emissions now or will you in the future (very likely)? (If yes, cost = zero, since the swap won't happen?)
The only things you have to buy to make a Carb'd engine work are a MSD box and distributor.
You'll need a non electronically shifted transmission and/or transfer case.
Keep in mind that the 97-up trucks are completley different than any other F series truck, and you will need to do a lot of fabrication to get it to fit.
Rezvani's Latest Post-Apocalyptic Monster Is a Ford F-150 Raptor Underneath
Slideshow: Called the Fortress, the 850-horsepower pickup combines Raptor underpinnings with military-inspired features, survival equipment, and a starting price of $285,000.