Yes - still viable, IMHO.
That's what's running my '71 351C-2V, as a matter of fact.
The Pros: Hide the box and it 'looks' almost stock (like on the backside of the passenger shock tower), Ram Air cleaner still fits without modification, and you can find replacement parts (dizzy, box, cap & rotor) at local parts stores... usually on the shelf.
The cons: I can't think of any.