I don't think there is a right or wrong here. I think this all boils down to what it is you are planning to do. Will this be a street car only, will a be a combination street strip, or an all out strip only car. How much power can the drivetrain handle before you need to dig in your wallet and start upgrading your trans and rear end. Make your decision based on those basics. Me, I went 347. Strip only car, high compression, high octane fuels. Not too worried about long term driveability, or getting a 100K miles on it.
The old 306 had reached it's limits, but it ran great for 3 years. Had the internals cryo frozen and used a main girdle, and everything we could think of to make it hold up. It max'd out at about 600 HP
The new 347 is built to go way beyond that point. Always over design. R302, Ross domes with thermal barrier coating, "H" beams and all the right hardware.
So identify what you want it to do, talk to the guys with proven track records and how they got there, then design it and the rest of the car for the application.
Ron
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