IMO, it is much more simple to just swap the whole engine. If you did not already have a complete running '87 engine, then yah strip the hotair block and convert it. That becomes much more time consuming. Gaskets, Cleaning, torquing, etc. etc. Pulling and dropping an engine is nothing.
Keep the wiring harness on it. Unplug from the ECM. Can be done fairly easy if you loosen the wheel well on the passenger side down by where the harness goes through the fire wall. Pull out the whole grommet and plugs to the ECM (remember to disconnect first). Nothing has to be changed/disconnected as far as harnesses under the dash or interior, etc. Just disconnect from the drivers side firewall, and from the ECM (through the Pass. firewall).
Heater core in heater box is different. Difference is only the way the pipes from it are bent. It is possible to use the hotair one and just route/bend the hoses slightly different. Not hard to do it right and swap. Open the top half of the heater box and swap everything in ther from yours, then just seal it back up with some good silicone sealant/adhesive. AC : of course just transfer your stuff over, not a big deal. Especially since the compressor is already on the engine (IF you just swap engines).
Last item you will deal with that will keep you from driving is swapping the Hydroboost for your powermaster (or vac brakes). Again, pretty straight forward there. Not sure if youve taken the PM out before, but its not that bad. Ive heard of some saying hooking the pedal back on is the trickiest part. Of course bleed the brakes.
As Royal-T-Ltd mentioned, our brother's car is a '84 Ttype with '86 drivetrain. Somewhat similar circumstances. '86 body was just too far gone. We did the swap in no time and did it right. Some people have cut the harness going to the ECM and spliced. Forget that, do it right and get behind that wheel well. If the swap is done right, you cant even tell that it wasnt the engine that came in there.
Oh yeah. Make sure you get your fan relays from off the driver's fender, youll need those
. On passenger fender youve got fuel pump and AC compressor, I think. These may be the same. May want to verify at gnttype.org or if someone who knows for sure could chime in. I just dont remember off hand right now. Moving on, although I dont know if it makes a difference, you may want to swap the ESC sensor. '87 has a different part # for this. Its even different from the '86, dont know whats up with that. Dont know if both of these cars have same type of dash display so make sure if the '84 has Digital then keep the pressure switch for the idiot boost lights. If Analog, then the MAP sensor. Other than that, of course the rad and lines, already mentioned AC stuff, rad hold down, fan, yada yada yada.
Good luck, its not that bad......really