Never mind the last question
I adjusted the fuel/air mix to be richer and sure enough the EBCV kicks in to lean out the mix when RPMS increase above idle. Apparently nothing else electrical from the old carb has to be connected other than the EBCV, vacuum switch, and of course the O2 sensor.

I love the simplicity of this car (well, once the stock carb is gone at least)! Will find out whether it helps the performance once rush hour is over.
EDIT: Test drove it and the car is faster and runs smoother than it ever has!

Time will tell if it helps the MPG, but I can't see how it wouldn't.
EDIT: Found this very useful in understanding the 87-90 Tercel stock carb fuel/air mix system. Might be useful for anyone else having to diagnose or re-engineer this system:
http://repairnet.aircare.ca/document...yotatercel.pdf