im running the baumanator stand alone, its their first gen module. they later changed to us shift. but it still needs to see vehicle speed and tps as well as rpm in order to work. its a small learning curve to tune it though, but it shows live data via a laptop and you can write two different maps, one for race, one for normal or whatever. i had a 4H and 4L map on mine, firm shifts torque converter lock up only after 50mph and trans temp at least 100*. you can change everything with the trans and it comes with several pre programmed maps. all upshifts, downshifts, torque converter lock, line pressure, all kinds of stuff.
if it was me, id do if myselft if the bores are good. not sure how bad the damage is but a good used crank and stock bearings, pistons/rings, skip white aluminum heads, china edelbrock copycat intake, big bore throttle body, good flowing exhaust, and speed density will run that setup, oh yeah, advance the stock cam 4* or go for an efi OTS cam. the only thing you will run into is the 19#ers will be at 100% duty cycle on WOT and may not meet demands that it needs, although mine seems to be just fine, but i shift at 4500.
edit:
i just looked for the china knockoff efi intake manifolds that use to be on ebay and can't find them, i had them in my watch list and they are gone now. looks like your stock with porting stockers. you use to be able to get the 5.0/5.8 uppers/lowers for about $280 ea.
www.fullsizebronco.com
