It's probably going to loose HP compared to the EFI system you removed but I'd do the same thing. I'd go with an aluminum aftermarket intake rather than an old cast iron one but maybe you already did that.
Ronbob is correct - there is not a large difference between EFI and carb cams generally. EFI cams usually have a bit more lobe separation angle that smooths the idle and pushes the torque peak higher in the rpm band. In-fact, the 5.0L Cobra cam is very similar to the original 289 K-code cam. Engine builders have found the EFI performance cams to be better than traditional carb cams in many cases for specific purposes. Likewise, if you have a non-HO EFI cam, it will be as much a dog as an original lo-po carb cam. They will both run fine but may not be what you will eventually want in there, and will act similarly to intakes and carbs as 65FL says.