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5.0L (1979-1995) MustangTechnical discussions on 5.0 Liter Mustangs within. This does not include the 5.0 from the 2011 Mustang GT. That information is in the 2005-1011 section.
Carbs generally will outperform EFI, though that's not always true. They are simple and cheap, relatively speaking, but you have to know what you're doing, and they do keep the engine bay less cluttered. You can do a blow through turbo or centri supercharger on a carb, and they work well, but from what I've heard they can be difficult to tune.
Sometimes I think EFI would be nice, but that's usually the breif periods of time where my back is hurting from being bent over the engine bay making a bunch of carb changes. EFI has advantages, but it's hard to justify the cost.