One of the EFI Rules:
The more you know about EFI, the less you Pay for EFI.

Another EFI Rule:
The more you know about EFI, the better you can GOOOOOOOO with EFI.

Sure a 454 TBI can work, if...

If you decide to update the computer, include a Wide Band Oxygen Sensor (WBO2) in your parts list. More information on WBO2 tuning:...

Have you looked at the TBI update thread at Thridgen.org?

https://www.thirdgen.org/forums/diy-prom/270266-tbi-guys-its-time.html

dave w