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Not much difference between them in output with all else being equal. Still if you don't own one already then I personally would seek the 351, might as well. I wouldn't bother to do an engine swap from a 302 to a 351 though, unless you're actually going to build the replacement engine. Swapping from a 302 to a 351 stroked to 408 or 427 makes a lot of sense.
If you already have a 302, give it big heads, long tube exhaust, plenty of valve spring, a cam from Ed Curtis, plenty of gear, and don't be afraid of RPM. Yes your peak torque may be 3,000 - 3,500, that's fine. Peak torque is where your engine is the most efficient too.
If you already have a 351, well, do all the same stuff anyway
More powa baby!
...I did things to my 302. Pretty extensive things. HO mustang roller cam, equal length headers, 3" exhaust, heads ported, larger valves, converted PCM and fuel control to MAS system from HO mustang.
Well, let's just say it rips. No problem lighting up my 10.5 x 32 tires nor towing my 8k lbs fifth wheel. Yes, extended cab.
Rezvani's Latest Post-Apocalytic Monster Is a Ford F-150 Raptor Underneath
Slideshow: Called the Fortress, the 850-horsepower pickup combines Raptor underpinnings with military-inspired features, survival equipment, and a starting price of $285,000.