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I am runnin the 300 inline in my 84 F150 4wd with the 4 speed granny box. It's lifted slightly with 33 inch mudders, 4.10 gears, locker in the rear, limited slip in the front. My motor is mildly built though. I hardly ever get stuck, this thing is like a tractor in mud...just crawls through it! I have plenty of power to spin the tires clean when I need to also. The 351 is a good choice too, it depends on the soul purpose of your truck. I personally am very happy with my 300...horsepower and torque right where I need it.
Wheel-speed, the right gear choice, and tires are more of a factor in mud. All out hp is not. Many an old "Iron Duke" 4 banger powered Jeep did very well in the mud over the years, and many such still do. Mud is 90% driving prowess, 5% good mud tires, and the other 5% is simple luck of not falling into a pit deeper than good tires and the right gear choice can handle.
If you're serious about mud, running a 4.10 front, 4.11 rear diff ratio set-up will help keep your front end in front, and many stock Fords came with this as factory...not so great for other off-road conditions. The slightly faster front end ratio allows the front end to stay in front(pulls faster, with slightly faster wheel speed). Mud bogger racer types will take that to a bit more of an extreme by adding an even faster front end ratio vs rear end ratio, but such race trucks are not used everyday, and have one purpose only. Some food for thought.
From experience I have found the 300 is best coupled with either the NP435 or BW T18 four speed manual tranny...they both have a nice deep granny gear for tons of low end grunt and pulling power. With this engine/trans combination along with 4.10 or 4.56 gears and 33-35 inch tires, makes for a pretty stout 4 wheeler. I personally am running 4.10s with 33s, locker in the rear and a limited slip in the front in my 84 and I can go through just about anything...until the axles/ frame bottom out.