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You have more options with a 351M: Parts are cheaper and more available, you can use parts from anything from an old 260 all the way through 351W, they've got a reputation of running for damned near forever, and there is plenty you can do to make good power.
HOWEVER, you can add a few basic bolt ons to a 460 and make damned near double the power. TORQUE. Amazing torque from a 460, and that's what you want in a truck. You can make a lot of power for cheap with a 460
Another thing to consider: That 351W has had a supercharger on it. That's a lot of heat and abuse for a thinwall casting small block. You have no idea whats going on inside of it.
sometimes even a "free" engine is not a bargain..there is most likely a reason it was removed from the truck.. people dont usually remove a good engine.. a near stock 460 is cheap and dependable
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