Yeah, it will run off the coil pack.
I've got 2 Fords sitting outside with the setup you're talking about (they're both standard CVH Carbs though!). My brother has a J plate mk3 Fiesta 1.6S and I have a mk5 Escort 1.6 LX Estate (both carb). Ford did away with dizzys on the mk3 Fiestas and mk5 Escorts, as well as using the EFI blocks with the CPS mounting hole. They have a simple timing module which bolts onto the bodywork (on the nearside inner wing on mk5 Escorts/mk3 Orions and on the back of the engine bay in mk3 Fiestas). You'll need the complete loom and sensors from one of these cars along with the timing module. You'll need to take a vacuum pipe off the carbs somewhere as this hooks up to the EDIS module and helps control timing.
It sounds alot of work but I bet it isn't really!
ERST owners should be able to help with going about machining a hole for the CPS - you may well have a slot already if you're using a Zetec bottom end? You'll probably be able to use a Zetec CPS but if not I'm sure you could adapt it to use a CVH one - although I think you'll need a EFI CVH flywheel (which I assume you're using anyway?).
That's about where my knowledge ends on this subject!
Cheers,
Andy