Some nomenclature first. "HEI" is specifically a GM ignition system though the term gets used to (erroneously) describe other electronic ignition systems. HEI's are the only system that has the coil reside in the distributor cap (& only the non computer controlled versions at that), all other electronic ignition systems, such as Ford's Dura-Spark & Dura-Spark II systems continue to use an external coil. At least within the US, no idea about abroad.
Some guys like the simplicity of the install with an HEI, but they have two issues that need to be addressed. One is hood clearance. I'm not up on the details since I haven't done such a conversion, but I've read of hood clearance problems w/o a body lift. Second is the bigger deal though it gets less attention, that is that HEI ignition modules are power hogs. GM HEI factory power wiring is 12 gauge and in some instances it really should be 10 gauge wire. This kind of power should NOT be run thru the Bronco's ignition switch. It will work, but it will shorten the switch's life at the same time. Run HEI power direct from the battery thru a relay. Purists of course will hate the idea of a GM ignition on a Ford. I'm not a purist, but I'm also not a fan - it will take a very specific set of reasons for me to use one on any vehicle.
OTOH I've adapted Ford Dura-Spark II's to many Ford engines as well as several I-H 304/345/392 engines. This conversion is a bit more wiring, but it's not bad or hard. The first conversion that I did in ~1987 to my 1966 Econoline's transplanted 300 six (had a 240) was considerably harder w/o the net or anyone local who knew anything about it. Now there are almost too many wiring diagrams out there.
Advantage here is that the distributor can be had from many sources, is a factory part so can be replaced with another factory part and it fits and clears like it should. If the big cap used on the D-S systems does run into something or visually offends the cap (& cap adapter) and rotor can be simply exchanged for the smaller points type cap & rotor.