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i'm looking at a '78 F250 4x4 with the 400. i know nothing about the engine other than it burns gas, and a lot of it. i'm told the engine has been rebuilt. that's about all i know.
i can get the truck for $1800 with plow. it has a dented bed side, but it' pretty solid with not a lot of rust.
I would surely say GET THE TRUCK!! Of course, to be honest, the 400 was always one of my favorite Ford engines. In my opnion, it is really a great truck engine. Too, I must say I never felt they had terrible gas mileage, though. I used mine really hard for towing and for farm work; I never felt the mileage was bad and the engines were used hard!
Unless the 400 you are looking at has been modified with a 4 barrell carb and aftermarket intake and the like, it should get pretty decent fuel economy.
Especially--in MY opinion--if you have a 400 and a C6, you will have LOTS of SMOOTH torque really helpful in a snow-plowing situation.