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Depends on the kid, maybe a 300-6 would be best. The 360 is a good engine if you wake it up a little with the already mentioned mods. I have read that the block can safely be bored .090 if you have it sonic tested an make sure there was no core shift when it was cast. I think the 360s got a bad rap because so many of the later ones from about 73 on were really junk. They had some valve guide problems over the years causing them to really suck oil. My first Ford was a new 74 highboy with a 360 that used a quart of oil every 200 miles from the day it was new. There was also a whole batch of blocks cast about then with too much nickel in them and they were so hard that the rings wouldn't seat. I haven't seen any of these problems in the 72 and earlier 360s.
Turn it into a 390. It won't cost you any more $$$ than a 360, but you'll have a lot more head room down the road.
A stock 390 shouldn't get your son into trouble, but as he gets older and a little more responsible, then you start warming it up. If he wants more power, HE pays for more power. That's how I learned to do my wrenching, fixing up my first car. It taught me the value of dollar as well.