My experience was with a 1986 318, it still came with a carburetor but I believe is very similar to the TBI motors.
I did some home porting, slipped in a one-size-larger 360 roller cam, used a mid-70s cast iron TQ intake, and replaced the head gaskets with the Mr. Gasket thin gaskets.
The truck ran well and got really good mileage, like 20 - 22 on the highway.
It's a happy combination. I'd say do it.
One other thing, at more than 100,000 miles there was virtually no ridge in the cylinders and I reused the pistons, rods, crank and bearings. I did use a Flexhone to roughen the cylinder surfaces and replaced the rings with a basic set I had lying around. I also replaced the timing set. My point of this is to say the engine is probably in really good shape inside.
One thing I should have replaced is the oil pump. Even though it didn't look bad inside, it still pumped insufficient volume to get pressure to the #1 main bearing and #1 rod bearing. The EngineQuest pump uses the same casting as the Melling M72 and that's what's going into it next.
R.