I'm gonna be doin this same conversion on mine in the near future, i'm takin almost everything off an xr2i i have on the drive, nearly everything can be taken off it, onlt thing you gotta do is a few cheap bits and then the hole for the cps. As it says on the rsbible, late 90 spec engines already have the hole in place.
The advantages are massive, you get a real mappable engine that will start every day no hassle and will run perfectly cos its electronically injected. The mfi changes every week with its setup as it overcompensates for any problems that may arise. That's why there is not that many properly set-up S2's around.
Hope this helps mate