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I have the 302 automatic on a 4x4. 10-15 mpg range, and I don't race around, but it likes 70mph on the highway. This is a short-stroke car engine. Both the 300 and 351 are better suited for truck use. Get the six with a 5-speed if mileage is a concern and you don't plan on doing any towing.
I had a '95 F-150 SC, SB, 4X4 351 AT and I got about 15 around town and 17 on the freeway all the time with 3:55 gears. but when i put on the 6 inch lift and added 35" tires my mileage droped to 12-13town and about 15 hiway (that was also after i had the speedo calibrated for the bigger tires).
my personal choice for engine is 300 i-6. i have one in my 93 and i get 12mpg in town (im 17 with a heavy right foot) i added a flowmaster delta flow 40 seires no 2nd cat and a k&n and it runs strong. i also love the fact that it is a true truck engine and all that low end torque. my dad has a 95 w/ a 300 and get around 17-19 doin 75-80 interstate so it all depends on how u drive it. 302 isnt a fav for me, but the 351 is nice. 300 will cost less and would be easier to find and is so dam relaible, they live for 300,000+ miles under regular matience.
You should tell us what you plan to do with the truck. I find my 92 F150 300 I-6 Auto. 2-wheel drive does alot. Pulls a 21' foot boat well, hauls 1400 lbs. well (scaled at the dump),and it's great for trips to the lumber yard. Never left me stranded since I bought her Nov. 95. In fact, 3 months later we had a blizzard, and with rear snow chains I got around town in 2 and half feet of snow.Try to find one that has been taken care of, if its dented up, and has alot of strange mods, stay away. you don't want to fix someone else's experiments. Get a stock truck and if you want more, do the work right.