Engine recommendation - - - reality has screwed up my plans

I've been planning on getting a 427 stroked 351W but after hearing that strokers tend to last about 50k miles before excessive oil burning due to piston ring wear (excessive piston side loads stress the rings) i'm having 2nd thoughts. Here's my goals:
Low-mid 12's and relatively streetable
fat powerband, lots of torque in all gears and most rpms.
Staying carbureted and with a T5 based trans
I don't really want a high revving engine (say 7k and above)
I'm willing to consider all options including staying 302 or 351, or even mild strokers. I really value ALL opinions, so please throw out any ideas about combos you guys have.
I'm in no rush either because this build will be over the course of a couple of years (to set up the chassis/drivetrain).
Thanks,

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'84 Mustang 5.0 LX
My car

[This message has been edited by 84stangLX (edited 06-13-2001).]