The benefits are numerous. Improved fuel economy and lower emmisions are just the tip of the iceberg. With fuel injection the car always runs good because it is constantly adjusting itself to optimal tune, within it's ability. The computer compensates for altitude (mass air only) so you can drive across country and over the mountains without missing a beat. The car will start on the first bump of the key usually and tune up intervals are fairly long. You also get the benefit of more low end torque because of the long runner intake design. I could go on but I think you get the point. The only real downside to EFI can be the high cost of entry sometimes. If you can find a complete donor car for cheap then you are set but if you start hopping up the engine the aftermarket parts can cost quote a bit so I usually suggest buying them used.
There are so many reasons to use EFI these days, especially in a Ford since the system is so easy to learn and adapt to an early car, about the hardest thing is finding a place to put the computer. There is no need to "setup" the computer as long as you are using mass air and your engine is not super radical. I have had built 351 Windsors run quite fine on the stock computer, albeit a chip and some tuning on the laptop made it run better it did run quite nicely on the stock maps.