Stock for stock, keep the 302. Take the money you would to put the 351 in and build the 302. But if you are wanting to build a nice street rod the 351 is a good start. With 10.5:1 compression, good heads, cam and intake, along with some 3.73 or numerically higher gears, you would have a helluva ride. Just as long as the cam, intake and heads match each other. I am a carb guy myself. I like the simplicity of it. And the less jumbled up engine bay. But one will not make noticeable power over the other. It is all in the tuning.
The f cam will work in a 351 as long as the 351 is a roller motor. Or you will have to convert it to the roller setup. Not hard at all either. 302 heads (stock) have to have the head bolts drilled out for the larger 1/2" head bolts the 351 uses. The 302 uses 7/16" bolts. Some of the aftermarket heads also are drilled for the 302's as well. I don't know what the p heads are drilled for. My guess is you will have to drill them out. A machine shop can do this for about $30.
The 351 swap only sounds like a can of worms. It really is easy. It is all in what you want as to whether or not it is worth it. I say it is well worth it cause of the torque curve of the 351. Remember, torque is what you feel in the seat of your pants. That is why gear changes are so popular. And 1/2 of the 302 parts fit the 351 as well. Water pump, starter, bell housing, transmission, some accessory brackets, valve covers, timing cover, harmonic balancer (depends on year but the snout diameter is the same) flywheel, lifters, camshaft, piston rings, heads, and although they won't interchange, the oil pan bolt pattern is the same too.
Hope this helps you with your decison.
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The sig says it all.
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