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I know this has probally been asked a million times, but humor me.
Even though my engine has low miles considering the year, it leaks oil, gets 8MPG best case and the valves are toast. I want to swap out, but do not know which way to go. The truck is a daily driver and does not do mud bogging or hauling tailers, so I want an engine that can push a truck of this size without a strain. I am tending to lean away from FE's unless there is a good reason..sooo...
Well, i modestly rebuilt 390, as i had, got 14 mpg Hwy, with 31" tires, and 3.73 gears. If you are looking for ultimate dependability, and fuel mileage, perhaps swapping in a efi 302/ 351 would be in your best interest. Also, you can regear your front/rearend if you do alot of hwy driving. Since i tore my truck apart, the first major thing im doing is putting in a 5spd. For, you guessed it.... fuel mileage. Dont know why it matters, as a 400+ hp 460 will be sitting in front of it, so kinda defeated my purpose..lol.
I vote 351. Good 4x4 torque without quite the drinking problem of the 390 or 400. The 302 works for me, but I'm 2 wheel drive tooling around empty on flat roads most of the time.
Honestly I have owned ALL of those engines in 70s F150 at one time or another (as well as 300I6) for best towing ability the 300 or the 390 but the one thing I found was the best fuel economy and the worst fuel economy between those engine choices varied about 1-2mpg max depending on how i was driving with the only exception being the 400 I never could get that one tuned to do better then 10 all the rest I would get 13-15. So a well setup and tuned 390 would be your easiest setup since thats what it already in the truck, every other engine would take different bellhousing, motor mounts, accesorries etc and at best you looking to gain a whole 2mph and at the added costs it's going to take a lot of traveling even at todays prices to make up the difference. Your 8mpg indicates something isn't tuned right I have never had a FE either 360 or 390 get less then 11