I'm not an expert by any means - but I've heard a punched out 302 to 347 is a good powerplant but it's not reliable over the long-term.
my 2cents - all these posts pretty much say the 347 and 351 are pretty close. if you've got both blocks I would suggest going with the 351 as it can always be stroked to 392 or 408 I believe.
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