O2 sensors? do i need them?

Without the O2 sensors, the computer runs in limp mode with reduced power and economy.

I usually have a lot of unkind things about people who convert EFI street cars to carb, but since it is late, I will spare you the roasting.

Here's a book that will get you started with how the Ford electronic engine control or "computer" works.

Ford Fuel Injection & Electronic Engine Control 1988-1993 by Charles Probst :ISBN 0-8376-0301-3.

It's about $25-$35 from Borders.com see Amazon.com: Online Shopping for Electronics, Apparel, Computers, Books, DVDs & more . Select books and then select search. Use the ISBN number (without dashes or spaces) to do a search

Use the ISBN number and your local library can get you a loaner copy for free. Only thing is you are limited to keeping the book for two weeks. It is very good, and I found it to be very helpful.

Since a lack of understanding of electrical systems is often a part of the phobia associated with fear of EFI, here's some help with that area:
Try Automotive Online Instruction for a beginning course in automotive electrical systems. The course is very good and best of all, it is FREE!!!