Yes, I considered megasquirt - for about 20 seconds.

Cost of my eprom programmer - about $40.
Cost of a good used 7727 with v6 memcal - about $40.
Cost of a pile of eprom chips and ZIF socket - about $10.
Taking advantage of the millions of dollars GM spent on R&D - priceless.

Megasquirt might be the right option for some people, but my engine-bay-mountable 7727 is just fine for me.