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I've read quite a few posts here to try to figure this out,it sounds feasable considering that,But...
I have a 79' F150 4x4 with a 351M,it just took a dump on me, time to replace.
I understand a 460 will swap in with a modification to the motor mounts,after looking at the posts a 400 will also go in, any info will be appreciated. I am not positive about the tranny,but I believe it is a C6 auto.
The truck is a daily driver,but I do some moderate wheelin and tow a 24' travel trailer as well.
the 351m and the 400 are the same except for the stroke. the trany is a C-6 and it will bolt right up to a 460. but you have to get a rear sump oil pan and oil pick up tube. also you have to get new motor mounts ($100) truck exhaust manifold's or headers ($350) new P/S, A/C brackets. so your looking at spending some cash. i was gonna do the swap in my 78 supercab. i even stll have the fresh rebuilt 460. but i just went and rebuilt my 400. i put in a RV cam with edlebrock carb and intake and it ROCKS. i got dana 60 in front and dana 70 in rear with 410 gears and my trucks weighs almost 7000 pounds and i can smoke the tires. so if you put the same cam intake and carb in your truck it will have have plenty of power to pull a trailer.
Both engines have great potential and both will bolt up to your transmission. F350 pretty well covered all major items to be considered. It all boils down to what you feel up to building. I had messed around with other ford engines but not the 400 untill I started to freshen mine up. I had always heard the 400 was a smog engine and no potential. After hitting upon this site and other research I realized how much hidden potential a 400 has. Their are a ton of options out there for however you would like to build either motor. The search engine can save you alot of time between posting and waiting for a reply and might be your best buddie to help you make up your mind. If you decide to with a 460, L&L makes a conversion kit.