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Have any of you ever made the swap?
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Yes. I did on my old 302 when I installed a Tremec 3550 (over 90 lbs), King Cobra clutch, Steel blow-proof bellhousing (~30-35lbs) and Fidanza Aluminum flywheel (11 lbs.)
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Is there a peformance gain?
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I would assume that there is, however I have no hard #'s (track or dyno) to prove it. Since I added extra weight by installing everything else, I still went 13.3 - 13.4 @104-105 - with the stock shifter on my new Tremec (used to have the Hurst). Those times are consistent with my average times and 60's. So I guess going to a crappy shifter and adding some serious weight I was making more power to run near the same times.
It should. It has a steel insert disc where the contact with the clutch is made. If you wear out the steel surface, you can get a new one (it screws into the aluminum). Pretty slick set-up and works great so far without any problems.
I would recommend getting one as it reduces rotating mass which makes for quicker acceleration and more HP.
Don't worry about the theory that says you lose a ton of torque - it just isn't true. Maybe a little but it isn't that noticible.
Good luck with your decision and feel free to email or PM me if you have more detailed questions.
Take care,
E