few ?'s about truck 5.0

my friend has a rusted out truck with a 5.0. He also doesnt want to fix it knowing its easy. the problem is that i looked at the sparkplugs and they are black as hell old as hell the gap is too much and it smells like fuel. he said that black smoke came out of the tail pipe and sputtering so i figure its getting flooded. so hes sellling it to me for $300 (the truck) . i found a good looking (great interior) 5.0 lx 5spd (rolling chasis). it needs painted and a front clip maybe (seller might throw in a new clip). it might sell for $1000 or less. will the computer in the truck work for the 5.0? does it have e7 heads? does it have a diff cam? and sorry dont know about the year maybe 1989.

well i was thinking today at work that i am going to buy a stock h/c/i off of a mustang, but before i throw it in the stang i was going to throw in a trickflow stage 1 camshaft, pullies (have the belt only spin the crank,alt and water pump) and complete exhaust. so what do i need to buy to swap it to roller cam? if i used the trickflow cam would i be able to have the mustang distributor? with mustang firing order? and i would need a mustang computer? ill just have him throw in a computer for a little more cash. also selling it to a junk yard will almost get my money back so its a good deal.