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That would give you more HP by allowing the engine to rev faster, but really wouldn't effect torque much. Longer stroke/more cubic inches is the easiest way.
For instance, if you built 2 identical engines one a 302 and one a 347 stroker, the 347 will have about 100lb/ft of torque than the 302. I have seen dyno results to prove this. This is why the small 5.4L (330ci) engines pull pretty good because they have over a 4" stroke.
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