Going back to a carb system will require that you use an earlier model top end (intake manifolds, carb, air cleaner, etc.) Expect to have clearance problems, There isnlt a lot of height for the manifold, carb, and air cleaner. You can pretty much leave the crank and front cover alone, just remove the electronic crank position detectors and electronics.
Overall I would say this is much more trouble than it is worth. Keep the 5.0 longblock and put on a fuel injection system from 91 or later ford 5.0 V8 (96 - 98 Explorer, or a Mustang injection set-up -- I used a 96 Explorer setup).
Wire it up using the Ford Mortorsport "hot rod" harness or 91-93 Mustang wire harness set up (It also possible to wire it up using a TBird wire harness). Then use the EEC IV module from a 89 - 93 Mustang. The different years have different performance / fuel economy curves embeded in them. The most aggressive is the A9L EEC IV unit from the 89 manual or auto mustangs (I used this module in my conversion and passes my 92 emisions requirements with flying colors).
The wire harness can be obtained used from a Mustang for pretty low cost or a new one from Ford Motorsport at a higher price but guaranteed to be in working condition. If you go with a used harness make sure you do a COMPLETE continuity test on all circuits before you install it (Murphy dictates that if you do the test you PROBABLY won't find any problems, If you don't do the test there will be an electronic problem after you install it - just a thought).
The EEC IV unit can be obtained used for about $125 at most mustang specialty shops, or from
www.corral.net - go to classifieds section
The advantage of this route is that you are still "street legal" in terms of emmisions standards, and the fuel injection will perform better when wheeling than a carb system will unless you go with a specialized carb system (which will cost you). I would also prefer the fuel injection if you wheel at higher elevations as it will adjust for altitude where a carb won't.
If you go Injection another MUST HAVE is a book by Charles Probst - Ford Fuel Injection & Electronic Engine Control. It will have the technical details for all your questions.
Good luck