My FJ40 went through a carbed 350, Holley sucks for off-road, Carter can be adjusted but mine was still iffy off camber. I also ran the carter on the 400 small block that's in the 40 now, when the top end caught fire due to a fuel filter leak I decide rather than buy a new carb I'd do TBI since it toasted the wiring harness anyhow. Starts better, runs better off camber, uphill, downhill, idles up obstacles (partly due to the SM420). Being that the 400 small block uses the old style intake bolts I had to drill out the intake holes to bolt the stock TBI intake to the heads, and believe me if I can do this anyone can. I transplanted a stock 5.7L TBI in my FJ60 and it gets 14.3 mpg mixed driving. That's better than my firends get in their stock 60's, and better than my '96 FZJ80.
Had one problem at GSMTR last year, spent 2 days working on the rig because it wouldn't run under load, got no sensor errors but replaced several anyhow, including the ignition module in the dist. $200 later discovered the fuel line was being pushed up through the floor and pinching at a near 90-degree angle and starving the engine when it needed more fuel. moral of the story is I expected it to be something complicated with my new fuel injection set up, but it was something simple. Good news is, I have spare sensors now, heh. So don't be afraid of FI