You can swap the LO5 chip into the LO3 computer, or swap the whole computer, and you will need the higher flow injectors from the LO5 as well. The rest of the TBI is the same for both installations. Everything else will work fine. It was brought to my attention that the 93 chip is supposed to have a better fuel map for the LO5, for what it is worth.
If you are grabbing an LO5 from a junk yard, get the TBI, and computer with it.
Be careful removing the LO3 with the trans attached (the easy way). If it has the oil cooling lines, you have to remove the filter to get it past the frame crossmember, or the filter will crush/damage the brake line for the PS front brake.
It seems to be easier to remove the engine and trans together, and swap the trans outside of the car, then install the whole thing as a unit. The upper bolts that hold the engine to the trans are difficult to get to with the engine in the car. Seal the rear of the trans when removing the engine and trans together so that you do not dump all of the trans fluid on the floor. A piece of heavy plastic, or a tight fitting Tupperware storage container, and a large hose clamp will work.
Put all new seals in the donor engine, and an oil pump with a metal drive coupler, while you are swapping them.