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Very difficult swap. The first thing you would need is a aftermarket fuel injection setup to run the ignition and the rest of the engine. The computer that comes with those newer engines is inbedded in a network with the instrument cluster, body control modules, etc. What a mess. Maybe they will come out with a intake manifold and carb setup like they did for the Chevy LS engines. That can add to a lot of money also though.
Are you going to stick with the original fuel injection system? If you do, I do not think any of those other engines will work without modifying/changing the fuel injection.
I'm showing your '86 to be good for 139 HP and 250 torque as OEM. Unless you have a MPFI motor, which was approx. 185/270, and in which case just go on to the next post...kinda.
With little effort as far as a change goes, you could find an Explorer or Mustang 302 (pre Coyote) that is simply the later version of your motor. Mounts, accessories, cooling, exhaust all stay the same. Intake would simply be an aftermarket or hunt down a Ford 4bbl intake and 600 cfm carb and you have just over 200 hp and 280+ torque. (a little work on that motor will get you closer to 300 HP)
With little effort as far as a change goes, you could find an Explorer or Mustang 302 (pre Coyote) that is simply the later version of your motor. Mounts, accessories, cooling, exhaust all stay the same. Intake would simply be an aftermarket or hunt down a Ford 4bbl intake and 600 cfm carb and you have just over 200 hp and 280+ torque. (a little work on that motor will get you closer to 300 HP)
My mildly built 302 made 300HP on the dyno last year and 335TQ. That's with Explorer GT40 heads, mild Comp Cam kit, Edelbrock intake, and Holley 600cfm 4bbl. A roller block might have made a little more peak HP, I dunno, but at the time I was trying to keep my stock low mileage '84 block in the truck.
I'm going to start rebuilding another 302 this summer, but it's going to be milder than that...more like a stock 4bbl build (whatever power a stock-ish carbed 85 Mustang GT made).
All things considered, I still think the 351w is a better way to go, and that's coming from a guy with two 302's.
I'm going to have to agree, a 351W is by far the best choice. IIRC they were in these trucks until 1996 I believe.
Moving to a modern motor with computer-controlled valve timing & whatnot would require the modern computer system & wiring to run it. Doable, but pretty involved.
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