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Well I'm heading to the machine shop today to get an expert opinion. If he says i'll have to go more than .040, which I think he will, I'll build a 351W based stroker instead.
i am very comfy with .040 even for a performance build.
Sounds like you will have some fun. I would suggest a w build anyway if your vehicle weight is over 3500....better low end torque when using a wild cam.
I am wantint to put together a 400W but with a lower end xe262 cam....or maybe a roller so i can compare it to my 400 with the roller cam.
I'd be tempted to put the aussie 2v closed but also like to keep it simpler. If you are wanting to use a cam above say 272 adv or 224@050 I'd get a set of '70-'71 cleveland closed chamber heads...about the same cost as oz heads. The 4v closed chamber will breath really well for the $. The clevor kit isn't as expensive or rare it seems but timing may be critical. With the proper big cam you can run 10:1 static and would actually need that or more to maintain the operating compression.
Anyway...i've recently built a couple of mild performance engines and love it...a lot to do and screw up.
The advantage of a 347 is getting increased stroke in an engine that will fit under a passenger cars hood. You have a truck. You don't have a limited hood height issue. You will be DRASTICALLY better off building a 351W. It will outlast the 347 by a zillion miles and will be less expensive to build.