How does this method compare to running an EFI setup in your opinion.  I have heard that many people run carbs in their FTOYS without a propane setup with good success

Its worked very well for me personally (after some tinkering) but I wouldn't compare it to EFI. My truck will bog down a little bit on really steep inclines but not enough to effect anything. Obviously the 22RE isn't going to bog down at all.

If you dont have the cash to drop on an EFI conversion then i'd recommend this because it only cost's about $10 (if that) has no ill effects what so ever and works well.