Only my opinion -
I have done nearly 2 dozen GM ECU or MEFI to Holley conversions over the last 3 years. The Holley is by far the best conversion out there today for the price and ease of install and getting up and running for the average person, but has the good enough SW that pro's are happy tuning.
The Terminator X is ideal for a sand car IMO. with a NA car getting it running and tuned can be completely remote, in fact while not ideal you could use the base tune map the computer generates with the wizard and apply the learning and a touch of hand tuning it will save thousand on dyno tuning,.
the 3.5" (dash) hand held is usually good enough for almost anybody but the 6.86 and 12' PRO dashes are incredible.
I talk to Holley engineers all the time - While the HP is the top of the line ECU with more inputs the HP is "potted" for vibration the Terminator X can handle anything we do (except if run Baja) as the lead engineer told me if you comfortable driving the car (not peeing blood after a drive) the Terminator X will not have a problem, you are likely to stop before the vibration can affect the ECU Holley had such good luck with the terminator design they are moving the HP to a terminator style case.
The HP is waterproof and shockproof - the Term needs to not get soaked and needs to be mounted securely The HP has more inputs that you will never use, and easier to tune Turbo boost mechanism, and has the ability to run lower cost low impedance Injectors (the Term X can only run high imoedence _like GM factory) injectors.
I have played with Fuel Tech - they are good, AEM, FiTech, Motec, Megasquirt and few others. The Holley is by far the best all around
The other advantage to the Holley is that Many people can remotely tune it or fix problems you might have with configuration. Don't waste your money on a Dyno tune with an NA engine
There are a few "tricks" to making the install easy, and lots of people miss them and blame the Holley
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All that being said, the Stock GM computer is fine for an NA engine - a little work with HP tuners and it should be dead reliable. While for years I preferred the MEFI over the stock GM for a sand car and still think its superior just because they never go bad... they do require a full dyno tune and will live for years and years with no problems, and are cheap with harnesses (I have a few laying around). I do not think it pays to swap the GM computer for the MEFI on an NA car unless you want to clean up the harness. Most OE harness cut up are not reliable (depending on who did it ) and ALL the mail order harness are garbage IMO. Howell is about the best harness out there (used by Turnkey and CBM) and they screw up too - I have fixed 2 of them so far.
As of today i would NOT buy an aftermarket harness for the Holley - the Holley harness is actually better. Early on the Holley was not great - but if someone asks me to do a Holley with and aftermarket harness I just pass. None has worked out of the box or been reliable over time - I Hate to say that but after doing a few I am not impressed- at all.. I have fixed everyone of the few I have done, and many after running for a while - I have only had one Holley harness I had to fix, and it was pin that pulled out - easy fix. The aftermarket harness were hours and hours of repair - ...
Regarding MEFI replacing your stock GM computer, by the time you are done you will wish you just spent $1000 on the Holley Term X and were done ...
The bottomline is a well tuned GM stock ECU on an NA engine with a decent harness makes no less HP than any aftermarket ECU and is just as reliable, so why switch?
Here's the part people won't tell you with aftermarket ECUs - Follow the If they tell you to connect the ECU directly to the battery do it. Don't use a "break ground" master power switch - the car will source ground through the Holley and it will not be a good experience ...I guarantee that .... Holley, Fueltech, AEM and others are SUPER touchy on starting voltage. For example, A holley with a battery dropping below 11.6V likely will never start = the GM computer will. Anytime you have to choose "custom" in engine config - such as a 24x crank and 4x cam the engine will have to crank over a few (or many)revolutions (depending the sensor brand you use - and believe me use only AC delco OEM - you will thank me later) before it starts due to the sensors needing more time to sync - its kinda annoying that you don't get that instant start. You will also-have to adjust your fuel pump priming. That is just an example of little stuff that needs to be done thats not in the manual .. its still and aftermarket part, where the GM part has thought about all that stuff already .
I change over 20 parameters on the Holley before I get to start the car from what the Wizard builds because I know I can get closer to perfect on the first start. The Holley SW is great - not perfect
I did a few write ups on how to do a Holley install but they were lost when GD crashed. I might re create them one day, but Holley is making it even easier now ... I hope that helps a little with your decision