88 5spd 2wd swb with an 85 2.3l swapped in with a 7448 Holley. I think the float is sticking in the carburetor, it diesels on occasion due to carbon build-up, leaks from the front and rear main seals, and oil blowing up the pcv line into the carb. Had a small carburetor fire the other day, but no real damage other than the filter. I don't have much experience with these motors and I'm just looking for some advice/opinions from someone who does.
I have not done a compression test yet, but I will update after I do.

If the test comes out alright would it still be worth the rebuild, or should I just replace the main seals, fix the carburetor, oil catch can, and sea foam?

If I do rebuild it are there any upgrades I should look for?

You have boneyards in Rome and over in Cartersville that likely have a 2.3 of the right vintage that you can plop in place for a few hundred. To do the machining, and get the repair parts to make it run nicely will cost more than that. Your choice.
If you could find a donor of the right vintage, you could re-install the EFI that makes the engine more powerful and more economical. Carburetors are more difficult to get tuned, get less mpg for the most part, and are a bit more finicky starting from cold.
I had a carb'd Pinto back when that would make 25mpg tops. And that was when the national speed limit was 55, and now have a Ranger, 85, with EFI that can get 25mpg without me doing anything, driving at any speed I want. Carbs suck... (its a joke..)
tom

The truck was originally a 2.0 and the 2.3 has a distributor with one plug per cylinder. What other parts would I need to swap to efi with dual plugs?

Easiest would be to find a similar vintage that came with an EFI 2.3, and scavenge all the wiring and parts needed to do a 'transplant' of the ignition and EFI systems.
My 85 has EFI and a distributor, 4 spark plugs total, and a computer in the passenger kick panel right side. It also has 2 fuel pumps, a lift pump in the tank and a high-pressure pump on the frame rail just about under the drivers feet.
The system I have needs the pumps, fuel line involved, a MAP & vacuum connection, the EGR solenoid valves, and the wiring harness & computer. The system uses MAP, ECT, ACT, and, Ummh, dunno of more, to do the ignition timing, and injection. No crank position or cam position sensor involved. Injectors driven by the computer using the ignition timing(I think) as the source for which pair of injectors to fire. Well, if it knows TDC for #1, based on timing, it knows it for #4 also, and 360 later, for #2&3.
tom