Put that engine in!!! That year was the best year for the 351w. I don't know the HP rating but they came with flat top 10:1 compression and small cc heads.
Are the 4bbl heads? I have a 351w in my '82GT and all I needed was a different oil pan and I used the 302 engine mounts. It drops right in. The $$$ part will come in if you want to keep your fuel injection. I this case it would be easier to use a carb. since that's what the engine already set up for.
That engine probably has about 250-275HP stock....that's only taking a good guess.
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'82 GT 351W C-4,BBK headers,Carter 625 carb,Comp.Cam,Flowmaster exhaust.
1988 GT...T-5,bone stock
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