Engine rebuild or replace???

[10drum]

Greetings,

I have a 69 C-10, it is an all original no rust truck. The 307 runs ok, but it has a knock when cold and is using about a quart every 500 to 750 miles. The compression is 175# on all cylinders. I'd lean toward staying original, pulling the engine and rebuilding it, but to do it right I'd probably have as much $ in it as I would if I bought a new 350. I am going to be driving it and may be driving it in higher altitudes. My questions are. The Chevrolet 290hp 350 new crate motor comes ready for a 4 bbl carb, can those be equipped with throttle body EFI? If I rebuild my engine can it be converted to EFI? I hope some of you can tell me some ins and outs from your past experiences. Thanks for all replies, Phil