Hey I run old junk too when it's right, and generally things are "right enough". However there are things he'd need to do to run it if he wants to, the question is, can the components do it? and what would be the benefit? I think in this case the answer is no and none.
EFI will not like it unless he runs open loop, that's a fact, you might be able to say good enough, but I just drove a stranded "800 HP" blown aluminator home because the A/F was so inconsistent after it's special build that it saturated and now burned out a O2 sensor. This car was supposed to be a monster and has never been. The car ran goofy before he called me, and he called because it's now almost undrivable. This old school Ford cam is in the hundreds for overlap, it's not going to make sense to the ECM, I run a 74 degree overlap with EFI and I consider myself on the edge for closed loop after careful tuning. Now, if he is able and willing to change to full open loop, rock on, but that requires a system and clever tuning to get them driving nice...if he is willing to stick a 4781 on there and a big old accel pump and some gear, I'd say rock on too
The other thing is where will the power be made, when that cam starts working, the heads and intake will be done. It's just too much, there is no secret sauce to that cam, it's just big and gnarly, jam it with spring and rev those old 427s to the moon, better build the 428 to take rpm.
That being said, I do agree with Tommy completely on one thing, generally "bolt it together and learn for yourself" is a great technique....but man it would be much easier to make 600 HP the first time with better parts choices