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I have a 1979 f150 4x4 that had a 429 in it when I bought it, I originally pulled the 429 and put a 351M In it NOW i want to redo the 429 and put it back in, hubby says don't waste my $$$ just redo bottom end and slap it back in or find a 460 and put that in...... Now here is my question.... i know this motor (429) has been built very well knew the builder prior to it being mine it was made to run in a racecar so it would roast the 38s that were on this truck would yall redo the 429 completely or try to find a 460 and slap the 429 headers on it and be done?
The 385 series engine is far superior to the 335 series in every possible way. since you have the parts to install a 385 it's a no brainer.
Whether you rebuild the 429 or find a 460 really depends on your budget and intentions for the pickup. obviously a 429 you rebuild and know what you have is better than a 460 some guy on craigslist says is good. but a full rebuild is going to be more money so only you can decide on that.
Most people dream of tossing their 351M in the garbage and upgrading to a 429. Yes, keeping the 351 might be cheaper, but it's not even a contest in my book. That being said, the 351M can be built up to 400+ hp pretty easily.
how many miles are on the 429? Why did you originally pull it out? The current condition will determine what you need to do to it. Barring major issues with the 429, I don't see any reason to spend money on a 460 unless you just want more cubic inches.
As previously stated...if you get a 460 off CL, you know almost nothing about the engine but you do know the history with the one ya got, so I'd rebuild the 429 and run it. Seems most people swap to 460s. I think it might even bump up the cool factor when someone asks you what your running. they might automatically assume it's a 460 since they look the same externally. My vote is for the 429! Best of luck and have fun.