Brent,
Just in the process of finishing an EFI 482 ci FE/Cobra project.
Check out the following thread:
ERA 753 - Final Assembly in Progress
or my website for some details on EFI:
http://www.anitafred.net/Cobra.htm
http://www.anitafred.net/Vette.htm
I've built two cars with EFI systems now and I would not do another performance car for the street with a carb. Both cars run great and are very streetable with pretty radical engine combinations in them. EFI does cost more and is a little more work to get installed and tuned initially but the reward of better performance, driveability and staying in tune more than pays back over the life of the car I think.
- Fred