I answered this on the old forum, but cut and paste here too
Timing control does matter, but it depends on you how much.
For instance, my 489 FE Mustang with EFI, cranks at 10 BTDC, but then goes to 20 BTDC as soon as it fires, it also can adjust based on heat, air pressure, load, and I have does all of that and tweaked it over the 9 years it's been on
However, I cannot say I NEED it, because if you like the way an engine runs with a carb, the TB EFI will likely run better in cold start, transition, in traffic, etc, and it won't have any additional requirement for timing control based of the EFI. I have installed a Powerjection, 2x Holley Annihilators, 2x old style Holley EFIs, and they did not control timing and all did very well
But, I have never used one to control nitrous, but that would be a good reason to control timing at the same time
One important thing, on any FE, be sure you think about where you are getting your temperature information for the ECM. The "right" answer is add a bung to the intake so you can have a gauge and temp sender that work from ambient temp to whatever the engine temp is. Another alternative is to put the gauge on the thermostat housing, but the temp sender for the EFI has to use pre-thermostat info