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It will work. One of the better choices. That EFI is fine so long as you leave the engine stock. The donor car has nearly everything needed to make the EFI work. Probably just a different fuel pump to make life easier.
There are a few other issues to look at. Engine balance are different between that and the original Bronco engine. You need a late model flywheel and harmonic damper. The damper on the engine is a 4-bolt, not compatible with the 3-bolt Bronco accessories. So you have to choose what accessory drive you want to use and that will dictate how to fix that issue. You can't even use the Mustang flywheel either. It is the right balance but too small. The starter will never engage it. You need a late 80's 302 TRUCK flywheel and use a stock Bronco clutch.
The 5-speed is no longer adaptable. They quit making adaptors as it was a poor choice for a Bronco and there are many better choices out there now.
my bronco has an 85 carbed 302 in it now,it's just tired...i think it's got a 4 bolt balancer on it now, if it does that means i can run the flywheel i have on the bronco on the 87 motor and run the serp belt set up right?