So I've read the thread on here about getting around 300hp with a 302 with stock bottom end and it has some awesome info in there. But I'm also contemplating whether to buy a short block 347 or 351 to get a little more power. The 347 I could use my 302 intakes, distributor etc. I've also read about the 347s burning oil? These would be rebuilt blocks as i dont have the tools to go through a used block. I also understand that I will need to upgrade the tranny. It will basically be like a sleeper and drivable but will really let loose when needed. What are you guys thoughts on various options maybe other than what I mentioned? Thanks
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Good regular maintenance will get you lower $/mile, more durability, more driveability, and less hassle. My engine has ~860Kmi without rebuild, and will still get me a 3-digit speeding ticket any time I want. It's the smallest engine, and my truck weighs ~1 ton more than yours.

 

347 with 302 intake and parts = waste of money.
351W - 30 over bore = 357ci + some decent aluminum heads and off the shelf 302 "stroker" cam = 425hp all day long (350rwhp)
Been there done this in my Fox mustangs more than once. 351W is much stronger block than a stroked out 302.