MOST important, is what tranny was in the 86? That was Ford's transition years, from carb to S/D, and if the 86 had an auto, it was a fulie motor, that'll make the swap easier. You already mentioned S/D so I assume......
Easier to answer your second question first. YEP!
First question is tough. Gonna need someone smarter than me in the fuel injection world, all I can tell you is what I would do. I'd swap the motor, computer, everything it took. GET IT RUNNING FIRST. Then figure out the S/D to M/A swap.
Me personally, I'd throw a carb on it. hehehehehe That's just me.
Sit tight, there's a BUNCH of guys here that can and will help you out on this!!!!!