'79 Mustang Cobra turbo?

I'm looking for a project car, so I see in the paper for a couple of weeks now a '79 Mustang Cobra turbo. I found a pic on yahoo, so I know it is a fox car(not to bad looking either), not the Mustang II. I also know that it is carbed. The thing is for sale at 1400 OBO.
Is it worth looking into? I have'nt looked at it or even called yet. Can the engine be converted to EFI? Or should I say converted easily?
What do y'all think?
 
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you would need pretty much everything to convert it minus the head and block. Its a carbed setup (no wires, youd need a harness). Would also have the 9:1 flatop pistons. Its doable, just depends on what kind of project your looking for ;)
 
the 79s had 9:1 compression and yes the 79 are worth lookin for because they are rare i mean it is the cobra would be beter if it was the pace car. And u never know u might like the carbed setup. the reason why the carbed turbos dont make as much as the EFI turbos is because the EFIs are pushing about 14 PSI and the 79 have a buzzer thats starts goin off at around 8 PSI and they will go up to about 10 PSI with the stock wastegate but if you modify it with a boost controler in it you can get about 12-14 PSI without unporting the intake. so it is worht it especially as a project car.