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I know I'll get blasted for this from everyone who thinks trucks should be restored to stock or not at all, but here goes.
Which newer engine would you choose to put in a fat fender (pre 56) truck? Assume this would be a streeet truck, 2wd, and probably have some kind of modernization of the front suspension with MII, Dakota or ?? front end. I'm leaning toward the 300 I6 or the 351W engines. I'd guess a decently warmed over 460 would be overkill and fairly heavy to boot.
Since my old truck only exists in my mind right now, I'm just looking for ideas.
If you're determined to go with the MII you should be safe with a 300, 302 or 351W. Later Mustang II's had the 302 as a stock option.
I agree a 460 would be too much weight unless you're building something that will mostly just sit around looking pretty. My trucks work so that affects my opinion. I'm sure you'll get others.
The 300 would give you some decent gas mileage but not much power without putting a lot of money in it. A 302 or 351W would be a good all around engine with good performance. If you're already leaning toward the I6 or 351W that's what I'd go with...
I'm by no means determined to pick the MII front end. I've heard some people have used Areostar with good success. They are cheap and plentiful around here. My choice of engine is more likely to drive the choice of front end than the other way around.
If money was no object I'd go with a DOHC 5.4L or a 4.6L if the 5.4L would be too big. I saw a '46 or so with a Cobra engine in it and it was very nicely done.
I think the engine and tranny choice, along with everything else about it, depends on what the truck's purpose will be.
If it is going to be a daily driver (to/from work) and haul stuff with economy, the 300 I6 is an excellent choice. If you want an occassional driver with enough grunt to blow away the ricers, the 351W is the way to go. If you want a show truck for cruise nights and shows, put a high-dollar EFI, supercharged crate motor in it. etc., etc., etc...
I would say "it's your truck"...but you don't even have it yet.
Get the vision in your mind, make a plan, and go for it!!!
BTW, even though I have an MII IFS, and it was one reason I bought my truck, if I was to do another one, I would stay with the stock suspension. There will be plenty of other areas to spend your money on, believe me!!!