will the ign module from an ' 89 model 330 hp interchange with a '96 model 330 hp motor. Both were carb engines

It should, as long as both are TB IV modules.

should work cept the 89 wont have Rev limiter ....

Assuming you use a module with an appropriate advance curve for your engine, a Thunderbolt IV ignition module will work with the Thunderbolt V dist.

You will need the correct wire harness (not the main harness just the small dist to coil sub-harness). In addition to the loss of the rev limiter, you will also lose the knock monitoring, Mean Best Timing, and idle speed control of the T-bolt V.

Dave

No Thunderbolt IV modules have a rev limiter. Rev limiters with TB IV's were on Merc Racing/Blue engines only and are a separate component and can be added or removed.