I'm having real trouble believing "as long as the displacement is close, it'll work"
Maybe it'll work ok, sort of, ish? Close to cubic capacity just don't jive. Surely you'd be better if you were close in genuine horse power?
A modern 250 cubic inch engine is massively different in the way it inhales and exhales, as in the volume it moves and the rate of that movement, compared to the asthmatic flathead. the torque curve is also massively different. Matching cubic inch, in my opinion is not gonna get the results Ron (I believe) is looking for.
As for running without all the sensors working correctly to trim the fuel curve and timing, you'll get much better results with a carburetor. Even with all them working, there's a bunch of injection systems out there that can be bettered with a good carburation setup. I know a lot of these injection systems claim better mpg and power, they often don't do any better than a good carb on the street where it actually counts.
I'd like to see a comparison of a properly setup Rochester Quadrajet against injection. That is a damn good carb. Very clever beast, driveability is amazing, when properly set up.
If you want to better something like the Quadrajet or Weber DCOE's or even the humble S.U. Your gonna need a full system. With all its sensors plugged in and working. The injection and ignition system will need to be fully programmable. I believe this is what Ron wants.
Something better than Richards (Florida) mpg, driveability and performance is gonna need to be damn good.
I wish you luck on your efi quest Ron, it's gonna be a time consuming project for sure. I do have a question for you regarding the system your planning on using. Does this system have a full gambit of sensors? I think it'll need all of them. It does complicate the installation, but I feel necessary, to better the good carbs. In my opinion the modern systems are designed primarily for low emissions, this may not translate to best mpg. And certainly won't translate to best power.
Getting the manual bubba speaks of would be a good thing, using that you should be able to divorce the ignition from the fuel stuff. If I understand you correctly, you want to run the ignition stuff on an engine with a carb so you can play with it, without the fuel side complicating this. When you get the sparks, you can then add the fuel side, and nail that down too.
You will keep us posted I hope.
Martin.