Not all cams have the lobe for the mechanical fuel pump. I know the LT1/LT4 cams do not have it. Maybe its just the roller cams that do not have it /shrug 1989 L05 trucks did not have roller cams, AFAIK...
Its worth looking into before you make your decision /forums/images/graemlins/wink.gif
Also, I am not sure how the cpu would react to a carb. The only problem I can think of, off hand, is the distributor. The dist is computer controlled and if the cpu goes in to safe/limp mode, it may not give you optimum performance. You could easily swap the distributor with a vacuum advance version...
If it were me, I would replace the pump and keep the FI. My new pump cost me $31 new. The local junk yards sell them for $10-$12 and I see them in sending units just lying around. I bet you would not have to even pull a tank to get one.
If you do pull the TBI, I may be interested in some of the parts like the TBI itself, the distributor, or maybe just injectors.
I would not mind getting my hands on the chip to copy it. I have a 350/th400 chip but do not, yet, have a 350/4speed chip. I keep these on file for "starting point" programs and the, various, truck files are hard to find on the web...
PM me if you are selling