I'm planning on doing this. From what I have read (in my case with a 7.4 / 454 and TH400 behind it), it's a simple matter of just getting an HEI distributor and a carb...I've already got the intake manifold. I'm not sure what is going to happen with the dashboard lights when I do this, perhaps I will still need an ECU modification to shut some of the crap off...any insight you or anyone else has on this would be helpful.
Now the why.
I'm just not a big fan of having a computer run the show for me...especially on an older motor like the 454 with tbi. Modifications to the motor require ECU program changes, and hey...maybe in the long run spending the time and effort to learn about programming ECU's would be worthwhile for MPG and gross hp and torque, but I don't really want to have to screw with all of that. I'd rather just pop the hood, pull out a screwdriver and make some changes under the hood. If the carb needs rejetted, I will rejet it. Just seems like less of an arse-ache than the whole ECU crap.
As I mentioned in my introduction thread, I fix computers for a living. I don't think that programming ECU's is outside of the bounds of my abilities...i just don't really want to take the time to try to learn how to do it and all of the trial and error involved. I'd rather just stick to the old school way of doing things...maybe I will change my mind in the future, because I must admit that I was eyeballing the threads and articles pertaining to tuning and it does have a certain appeal to it, but not at this moment in time.