I second the vote for MegaSquirt/Spark.  Just make sure that it can
handle the RPM range that a formula engine operates in.  I assume that
it revs higher than most commuter cars. :)

Not sure how familiar you are with fuel injection, I would recommend
they start reading the archives at www.diy-efi.org for some tips,
especially relating to wideband vs narrowband O2 sensors.

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