Yes, on the Megasquirt you could even use it to run a bone stock engine. They give you a lot of options, I use it to control a 340, so I don't have the OE Magnum style crank sensor (which you may not want to use either depending on the transmission you are using).
You could go as basic as running a batch fire system and using an 80's M-body locked out distributor and have the computer just control timing, which is pretty old fashioned in general. Then it could just run the injectors so you wouldn't need the MS3X or the MS3 pro.
In my case, I have a custom made 36-1 wheel on the crank and a stub of a stock 5.2 magnum distributor, where the 36-1 wheel is the crank sensor and the magnum distributor is the cam sensor so I have full sequential injection. I then use GM LSX coils for coil near plug so there is no worry about misfires or any distributor caps or rotors to wear out. All my other sensors are actually 90's GM pieces which are robust and cheap...and I use a Holley 1000cfm 4-barrel throttle body.
You'll see the wiring comes through the firewall just inboard (to the right in this picture) of the heater hoses. The MS3 Pro is on the A-pillar behind the glovebox.
You'll have to solder on a lot of connectors but it's really not that bad to do, just tedious. Been on the car for two years without issue.
Also, make sure you buy an AEM wideband since I had an innovate motorsports one and it seemed to be off and the car ran kind of funny.
"sloppymechanics" on youtube has a lot of info about forced induction, megasquirt, etc, even though most of it is for an LS engine, there won't be a ton of differences. If you had a setup like mine the difference would be the crank trigger and the firing order for 4/7.
