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When I put the 351 in, I was thinking "fast" Well, the truck is fast but, like I said, gets real bad mileage. That was 7 years ago. I am not looking for fast now. Why do I need a 30 year old truck to be fast? I think the only thing I would really miss about the 5.8 would be that V8 sound.
are these all 2wd? I put a 300 in my 79 bronco, full time 4x4, C6 3.55 gears, and 32" tires. I'm lucky to see 13mpg at 55mph. But I blame it on the c6 and 203 tcase.
If it were my truck... I honestly wouldn't go through the hassle of swapping from the 351 to the 300. I love inlines and probably won't ever have another V8... but...
I'm also in favor of not working my butt off and losing performance.
I'd honestly work with what you have. Save yourself all the work and headache. Toss a decent "well tuned" 2 barrel carb on your 351 and keep the free flowing exhaust. If you've got a really high duration cam in it, drop an RV cam in it, or maybe one step larger at most.
You'll probably get a better throttle response with that 2V carb over the 4V and you'll still have the V8 sound you're used to.
Again, this is just what i'd do if it were my truck. You may enjoy the swap more than me though! Go with whatever you gut's tellin' ya.