The cam wouldnt hurt...but isnt necessary. Some folks have run EFI with the older 302 vs 5.0/351W firing order without any problems. Timing cover will need to be removed if you change the cam, otherwise there is no change...unless you plan to run the Mustang Serpentine belt system, in which case you would change the timing cover, water pump, etc...so that everything from the front of the Mustang is on the front of the Bronco so that it all alligns. If you are running a stock mechanical fuel pump, you can put a blocking plate on it, as you wont need it.
Like I said, there are plenty of folks that run EFI with standard stock Bronco front dress (only a cam change)...so dont think that you HAVE to go to Serp.
As far as the roller rockers...I will defer to someone else on this. I dont think so; my understanding is that you can run a hydraulic flat tappet 351W cam (to achieve the proper firing order) and run the EFI intakes and fuel systems without any trouble. Others will chime in I am sure...but I feel very confident on this. If you were to convert to a roller cam and roller rockers, the advantages are that you are freeing up HP and torque lost to friction with a flat tappet cam. The cheapest way to do this is to put in a appropriate 351W cam. The second cheapest way, unless you already have aftermarket heads or pepped-up heads is to go to some stock Mustang heads and swap in an appropriate roller cam...if you do already have soem upgraded heads, you could swap them to roller rockers or just run a 351W cam. Good luck with your EFI swap.