The Delco to VK EFI would be a reasonably easy conversion Clay. I can't remember the specifics (was like 1992 when I was playing with one), but you might be able to get away with the VK EST flywheel or flex plate using the standard VK EST sensor and bracket. Just need a hole in the top of the bellhousing for out to stick through (copy off a VK). The targets are 6deg BTDC for each pair of pistons. You should be able to program the Delco to use these for the EFI. They may even be able to be used for coil packs. The crank and/or cam position sensors are the hardest part of the conversion, apart from setting up a fuel system. So this could make it a whole lot easier.
I had a bit of a look at doing something similar many moons ago.
I was looking at using a distributor for the signals for the ecu to run from.
Locked of course.
I was looking at spark control as well, but not wasted spark.
One alternative was to use a chopper on the harmonic balancer for rotational position, and another chopper in the distributor to tell the ecu what stroke it was on.
Cheers
Rob