I have gotten the Holley Projection to work ok on my Cobra, though I am still tinkering with it. The acceleration is instantaneous compared to the standard carb I had --- I like it. I wish there was a professional shop that knows more than I do, and I know very little. I might ask those LoneStar Mustang folks if they can help me out and educate me.
The problem with the Holley system is that the O2 sensor needs to be as close to the engine as possible to be in the hottest exhaust as possible --- Holley tech says no further than 14 inches. But doing so, one can only monitor the O2 on only one cylinder. I found though this is not ideal, it is better than nothing. Further than 14 inches, the engine will way run too rich all the time. I essentually have the "MAP" close for my engine, and still figuring out all the various the adjustments for acceleration. I have my injection setup where it uses the O2 sensor closed-loop for city cruisin' and open loop for racing/passing (using RPM and throttle position). I've been using AutoChart software instead of Holley's (
http://autochart.com/)...
Good Luck,
Alan