You should do option one. You won't want to wire anything EFI and you have a huge hard on for the modified motors.
The best choice though would be to keep your bronco together and freshen up a 460 with factory efi, put a cam, straight up timing set and shorty headers and put that into your bronco once you have the motor rebuilt. Go to a junkyard on a half off day and stuff as much of the wiring harness as you can in the pan before you take it up front. It will bolt up to your transmission, and you don't have to do any fab work, just bolt in some new motor mounts. There's nothing wrong with speed density, it works. That's why you see all the old mexican workers driving old Ford trucks.