Short answer is - no, you'll need a turbo-type ECU and spark module. B23FT weren't seen in Australia. B23ET as seen in OZ in the mid-1980s 760 turbos used Bosch Motronic but a different box to the US.
Turbo engines went through several progressions -
- R-Sport kits (Volvo Cup 240s with blow-thru carb, early 1980s) - B21
- K-Jet turbo (240 from 1981) - B21
- Motronic turbo (early 760T and early 740T) B23ET; B23FT
- LH 2.2 turbo (740T -1990 / 760T 1986-88) B230ET/FT centre thrust & K block from 88 (some with weak rods)
- LH 2.4 turbo (760T USA 1989+) B230ET/FT K block
- LH 2.4 turbo (940 turbo) K block, and L block from 92
If you want something fuss free, I'd suggest the following spec -
- start with a solid 1993+ B230 engine as a base (why? 13mm rods & big main bearings are guaranteed)
- 90+ turbo manifold
- change injection system over to LH 2.4
A KG Trimning cam and a slightly bigger turbo will give good reliable power day in, day out without (unreasonably) busting the bank to build it and live with it.
I'd avoid LH 2.2 turbo as it lacks good knock control, doesn't have electronic timing, and diagnostics aren't brilliant, but YMMV. OTOH, LH 2.4 out of the box has good knock control, plus electronically -controlled timing and pretty good diagnostics (for the 20th century system it is) plus a wide selection of aftermarket chips are available.
Also, many of the factory-built LH 2.2 turbo engines had the weak rods and small main bearings with #3 in the middle being the thrust bearing.
But okay, you have a B23 based engine - if you want to stick with that, you might be better off switching to an aftermarket ECU and system. I wouldn't put LH 2.2. on it, a B23 deserves better than that. B23 bottom ends are quite strong.
How crazy do you want to go?