You need to be bluntly honest with yourself. Do you want it to be a driver or trailered? Is it going to spend time on the street? What percentage of time? Is it going to spend time on the highway? What percentage of time? Is it going to be quartered, autocrossed or both?
What top speed and elapsed speed do you need?
When you look at all these issues, a 351 W makes a great platform for a number of projects. The stock nodular iron crankshaft is good past 500 hp. When over 650 hp you should be livin in forged steel. Use extreme lightweight pistons and rods. Knife edge the crank until it balances DO NOT GO CRAZY. Button up the heads and mains with studs and a girdle. Use a windage tray and a crank scrapper.
Build the engine at 8/1 compression. That way you can add the hair dryers to it if you want the thrill. You can get 700 hp out of this fairly easily at 16 pounds of boost with a decent turbo cam. Gale Banks got 901 HP from a 302 Chevy with twin turbos at 30 psi boost.
Lots of the modern high lift low duration low overlap cams will work just fine until you add the turbos.
I would run 9/1 compression on iron heads and no turbo
I would run 10/1 compression on aluminum heads and no turbo
The 302 engines would give you more room to hang all the dryers and wastegates. So I expect someone to tell you a stroked 302 would be better than a 351. They are right on the size issue. I like the 351 main journals and crank dimensions much better. But that is my hang up.
I would wait two years and buy a used RSX for your daily driver. At 200 hp, you can pick up an additional 75 horsepower with an intake and deleting the cat. These are wicked rides. You will smile all the way!!!
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1966 Customized for daily street and highway domination. 358 Windsor running 425 HP
C-4 Auto and 3.25 Posi
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