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It should work fine. Keep in mind that your Motorcraft choke grounds through the choke housing itself, and the only wire running to it is the choke power. The Holley choke should have two terminals, one for power, and then a separate ground which you will have to run yourself. You can just run a short ground wire to one of the screws that holds the choke cap on using a crimp-style eye terminal.
No sir. I pulled one at a pick in pull, rebuilt it and threw it on my wheeler, a old CJ7. It runs fantastic, calll me crazy, but I like a electric choke compared to manual.
That 460 has been idled unti I can drop it in the new frame/body I picked up months ago.