I'm using the standard efi flywheel and the related crank sensor for triggering together with the EDIS module to control wasted-spark.
Converting is easy if you have knowledge about how things work or don't care to find out. Time consuming, but highly rewarding it is in any case. I can't see the point from a money saving point of view. 150 is really not much for a ecu and loom (and other electrics needed?), but having a management you can datalog, live map and tune with and modify it easily to your liking is a great benefit.

If you're still interested then surf to:
www.msefi.com
and
http://www.megasquirt.info/index.html