TBI for what it did was dependable. And a lot easier then trying to convert a straight 6
to a port injection engine.
CFM has nothing to do with the carburetor being used or TBI system.
CFM is the maximum amount of air that an engine can take in and pump out.
It is based on the total displacement of the engine. A 350 SB would have about
a 600 - 650 CFM. Though engines do not move the full amount of air that they
can. Average volumetric efficiency, the real amount of air that an engine can flow
through it is about 80% of what the mathematical determined amount is.
So that 600 CFM becomes 480 CFM.
So would go with the 350 TBI system because it's CFM will be much closer
to your 292 then using the TBI system from the 454 engine.
The 454 system would be calibrated to flow more fuel then the 292 would need.
Wasting fuel does not yield more power.
Also you are going to use a TBI system don't forget you will have to change the
engine pipe because you will need a oxygen sensor.
Jeffrey