There is a lot of wrong information on this thread so far.
1) MS1 can control timing
2) buy a used system and have it checked over, I picked up a few MS1 units, all of them less than $125 shipped.
3) for 95% of street driven vehicles MS1 is more than sufficent
4) you do NOT need a crank sensor for any of the units. You can use one though and change from a distributor to some sort of distributor-less ignition, you can use a cam sensor too.
5) MS1 can handle low impedance injectors
With all of that being said all of them MS units are very customizable and you can get one to match what you need, additionally there are a LOT of additional "add ons" that separate people are developing which you can add later if you want. The one thing I will recommend is that you stay away from the "green boards" there are a lot of updates on the blue boards and they are also easier to adapt for better processors should you want to upgrade to MS2 or MS3 down the road.
Oh, and when tuning you're going to need to print the manual and take it one small step at a time. DO NOT get in a rush. after the first time through its as easy as pie but the first time is a royal pain in the *** to learn all the new controls and functions.