If you're going to freshen the motor anyways and a power adder is in the picture.. the 331 is the way to go. When I was researching what I wanted it was pointed out, by more than one source, that the 331 actually had a better rod length to stroke ratio than the 302. That's why I bought my 331. The ratio on the 347 isn't too good and would wear out alot faster, too much pressure on the side walls. For a budget build, I have nothing against a 306. Up the compression, good heads and a good cam... strong combo.
In this day and age, alot of 5.0s are in need of rebuilding.
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