Yes you will only need ABS, however the mechanical one used in Mk4 Escorts probably still won't work with that.

I had traction control in my MkII Mondeo V6. I had to turn it off cause in the rain it would nearly stall the engine when you tried to get away from a junction quickly. I once almost had an accident because of that. OK, maybe that racelogic one works quicker and allows more wheelspin than the Ford OEM one. But still: All it does is adjusting throttle. Can't you do that yourself?

Again: Traction control is only good if it can control the brake calipers and slow down a certain wheel. Everything else is for people who cant drive.