They both make good arguements.  A 347 will make a tad more torque and HP, but theoretically a 331 will live longer if designed and built right thanks to the preferable rod/stroke ratio.  For my money it's the 331.  Better rod/stroke ratio, no notching the block (not a big deal...but more money nonetheless), and (again, theoretically) better oil control.  Plus it just sounds more unique than a 347.   
 
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1984 1/2 GT350 (#842 Hatchback w/ T-tops), 302HO, Comp cams Xtreme Energy cam, Carter 625cfm carb, Weiand Stealth intake, MSD distributor, MSD coil, FMS 9mm wires, 1 5/8" MAC unequal shorties, 2 1/2" MAC Prochamber H-pipe, Flowmaster 2 chambers, KYBs, 16"x8" 4 lug Cobra Rs, Falken 245/45ZR16s 
 
So I pushed it up to 110, 
That flathead motor was about to give in, 
I crossed my fingers and prayed to the lord, 
Don't let me down you fuct up ford!" 
 
"5-Oh Ford" by The Reverend Horton Heat 
		
	
		
		
		
		
		
		
		
		
		
	
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