When your conversion is completed consider placement of parts in classifieds for a couple of bucks.
Stuff like:
fuel lines
engine temp sensor
throttle body w/ injectors
ecm

 

Out of curiosity, do the EFI equipped bikes come with the throttle lock thingy on the right hand controls?

 

On my '98 Ultra I used the same components as you and as luck would have it, the coil lasted exactly 33 miles. Replaced the coil with a Crane and still came out ahead on the cost of other setups. I had zero issues with static timing per the instructions but never put a light on it. My only issue has been getting the cruise control to work, but I'm pretty sure I know how to fix that the next time I feel like raising the tank to get at a couple of wires. Performance and fuel mileage is equal with a little better throttle response than the MM.
Prices for carbed Anniversary tanks are price prohibitive for me or I would have certainly taken that route. To drill out the hole for the petcock, I used a cheap uni-bit from Harbor Freight that I ground the outside down to where only the 5/8" was left. Made it a bunch easier to control than a twist drill. The toughest part and most time consuming of the whole conversion was reaching inside the tank to cut the boss down so I would have a functioning reserve. It has @.8 gal on reserve and will drain all but about 1/4 cup now.

I really liked the EFI until it dropped a cylinder and no amount of money or knowledge available to me could fix it. The main reason I chose the S&S was because that's what I have on the FXR that has been flawless, plus extra tuning parts and only have to keep one air filter on hand.

 

The reason that I did the conversion is that my ECM died. I tossed the coil that came with the Ultima and put in a Dynatek dc6, bike ran like a champ, There was no way I was getting my hand to fit in the top of the tank, especially with a cutting tool! My bike was mystic green and black, didn't want to buy a tank and paint it. The 9/16 bit and a bit of "wiggle" i got the stubs down to about 1/2 inch or so.

 

Don't know if I would use the same tanks. My brother in-law just picked up a 6 gl set for $179.00, needs paint. Good choice of carb as well. The best thing about the conversion is that the 98 EFI cam is a little more aggressive than the N grind carbed cam. You Should be fine. I would also upgrade to the D2ki ignition and coil.. For the stock application in the E carb a good starting point would be intermediate .0295 and main .068 , Good luck man.

 

I did my 97 RK last year along with a cam upgrade. Glad I did it and bike runs well.
I drilled the lines from the outside and used a sleeve to protect the threads for the petcock and block off plug.
Used a Daytona twin tech ignition and Mikuni 42 carb.
Dig in and have fun. Enjoy the ride when complete.

 

The lope can be duplicated with that M&M system, have done it with a band saw, die grinder and tig welder.

Make the change and don't look back, the M&M is fixable but a carb will out perform it all day long on a Evo

 

How in the hell did you get a band saw, die grinder and tig welder to sound like an EVO????????????

 

Right... I really need to hear this one....

 

I had the surging problem, followed the instructions in this video and have not had a problem since. I also added the Power Commander 5, the Power Commander Auto Tuner, and the Display with data logger. Now I can change exhaust/other mods, and not have to worry about the air\fuel ratio.