I looked at your photos and was very distracted by one certain one
So much so, I forgot your question!
Seriously, I have a friend with a FFR with a stone stock EFI 5.0 H.O. and it is remarkably fast just the way it is.
I would suggest if the donor motor is in good shape I would just install the manifold and carb and finish the car.
You will need a distributor that is compatable with the roller cam in your engine. MSD makes one that will work or you can use a '85 5.0 H.O. distributor. This the only year the 5.0 had a roller cam and a carb.
Finish the car. It will always cost more to finish than you expect. Always. There is no such thing as extra money when building
a kit Cobra!
Once the car is finished, put some miles on it and get used to it. Later, pick up another core short block (they are dirt cheap and easy to find) and build a hotter engine like a 347 with
AFR or Edelbrock heads and a hotter cam.
HTH,
--Mike