Yes Great engine. I have the Powerstroke and it runs WVO and it does just fine as a DI. But IDI is an extremely easy to work on engine as well and if you want to make some extra power it is easy as well. If you decide you want to go further than your bio-d and to WVO it will be better off than my DI.
Edit here: Also thought you could use this. I use this website for my truck...Great guys on the forum. There is a section just for the 7.3 IDI and at the bottom a link to another site oilburners.net. If I remember right there is a site out there just for the IDI guys they don't let us DI guys in their club but they have a lot of good information.
Good luck with your bio-d business I hope it takes off.
http://www.superdutydiesel.com/forums/index.php
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76 300D 130K "Stella" (Sold
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74 240D 299K (Donated to Highschool For Senior Project WVO)
83 300TDT 290K (My one and only)
Sanford, NC