Agree with replacing with carb. Far more economical and replacement parts easy to come by. EFI, while fabulous, needs every bit of it to be in perfect working condition. I know cz I did a conversion from carb to Ford EFI on two engines (A9L ecus {thanks Ebay} from 86-93 mustangs, which worked perfectly BTW). However, it's a little more involved than just "throwing" a carb on it.
You will have to get a low pressure fuel pump as the EFI pump is putting out about 60 psi. You'll also need a regular (points or electronic) distributor, and the associated Electronic Shift Assist module.
Since the fuel pump solenoid turns on thru the engine ECU, you'll want to reroute the wiring so that the pump comes on with the key switch in the run position. Usually the best way to do that is with an oil pressure safety switch in between the keyed hot and the solenoid activation wire so that the pump shuts off when the engine stops. You can remove the wire from the coolant temp sensor (not the gauge sender!)
I dunno, you may have a cam with a fuel pump lobe on it. I'd be tempted to take the cover off the fuel pump hole and see. If so you can forget the electric fuel pump and go mech. Way easier, but initially expensive since they don't make many mechanical marine fuel pumps for Fords any more. I paid about a hundred bucks for a reconditioned one not too long ago.
If the engine has the alloy valve covers then you'll need steelies, and new gaskets, and a breather and the hoses to the flame arrestor (oh yeah you need one of them too).
The main thing about carb conversion is that it can't lay up with gas in the float bowl, so drain or run it dry at winterizing.