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Sir , the only subsitute for cubic inches is cubic dollars, I would also change the ignition to Duraspark and if you can afford it a throttle body fuel injection,a matching aluminum manifold ,headers along with a TKO and gears that was already posted.Kenny Nunez
A 390 will pass anything on the road...except a gas station!
I have a 302 in my 85 and it's done well for many years, but it lacks the grunt to really use it like a truck. Garbage, light loads, sure. Pulling or passing...so,so.
See my sig, I just went from a 302 to a 390...I'm getting BETTER mileage with the big motor (RV cam, performer, longtubes) simply because I don't have to mat the pedal, EVER. The 390 just idles along, got 13mpg yesterday at 70mph on a 90 mile trip. I towed 5,000lbs frequently last year and had to floor it just to beat strong headwinds and little hills. Was lucky to get 7mpg out of the 302 then. I posted this somewhere before, but here's my setup and tune again:
Edelbrock 1404, 500CFM:
Jets, .086/.095
Nozzle, .28
Springs, Pink
Metering Rods, 65x47
Performer Intake
2 1/2" x 14" Air Cleaner
I currently have a 302 in my SWB '70. She is plenty quick. I think the smaller displacement is compensated for with less weight. Mileage is between poor and downright rotten. I also do not use my truck as a truck. It is a toy. I am putting in a 460/C6 after the 1st of the year. I would also have to question what your plans are for the truck. The higher the truck sits the heavier engine will affect handling more in a negative way than the lighter engine will. Depending on front springs the heavier engine can cause the truck to "plow" into corners.
For quick, better handling I would go with the 302. Brute force the FE. FE's can also be quick. I would not expect any difference in mileage between the two. If anything I would expect the FE to get better mileage given all other factors identical. As stated in an earlier post you simply do not need as much throttle.