Hearing these stories about near-stock 302s beating 454 big-blocks makes me ill. Doesn't anyone these days know how to build a decent big-block?!?!? As they say, though, it's run whatcha brung and hope ya brung enough!! So, good kill! You earned it fair and square.
If you're ever going to run turbos....go with the 331, period.
That said, the BIG problem I have with the 347 is that the oil-ring groove is up in the piston pin. This is not good and I would never buy a kit that had a piston w/ the ring groove in the pin area! However, Coast High Performance has a 347 kit where the ring groove is NOT in the piston pin. This looks interesting/promising. As long as CHP could assure me that their kit would last man, many happy street miles and that oil consumption would NOT be a problem, I would go with that 347 kit provided there wasn't some drawback to their modification of the piston.
Otherwise, I'd go with a 331c.i. 16c.i. doesn't sound like much.....but 16c.i. is significant in my opinion.
Oh yeah, there are pro 5.0 guys who run 14:1 compression and 400hp nitrous so don't worry about your 11:1 ratio. You sure might have to run race gas though -- but hey, speed costs $$.
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