That engine runs Ford EEC-IV and isn't a ton you can do with it, BUT, I did read somewhere that a company was making a plug and play megasquirt for the 5L EEC-IV application. I doubt that it'd help here but you never know.
In this particular case you can't swap to multiport EFI or a carb, like you would do if you weren't rules constrained. But for sure you could put a MS on it and tune it up, essentially it becomes an electronic carb much like the Holley carb conversions for muscle cars. And I suspect this engine would respond well and make great power.
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