But only if the computer will handle it. I've heard that it has problems with bigger cams. A set of 1.7 full roller rockers will definately help. The Explorer cam is just a tad less cam than the HO's came with. The 1.7's put it on par with the HO cam. As for using the GT40's on a 351, the net result is about what the 69 351W 4 bbl motor was.
The main problem with EEC-V is it's inability to idle smoothly. Ford's alphabet cams are not a good choice because the lobe separation is too far. The stock cam is 116 degrees, and most people have found staying in this range will provide decent results. This is why the 1.7 rockers are a nice modification. Unfortunately there aren't a whole lot of choices, but they do exist. A guy like Gwaii probably has the ability to grind his own cam