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For a light duty truck engine it's hard to beat the 5.9 12V Cummins. Yes it has been done a lot, but there is a reason for that.
While the old school engine thing is cool, I really like the idea of putting modern engines into old trucks. If you put a beefed up 6.0 or 6.4 in there, you'd be the poo IMO.
If I heard the familiar 6.0 racket and looked over to see a 70 F350, I'd definitely be impressed.
A couple weeks ago I was out with the wife, and I saw a 79ish F350 come flying through the intersection. Pedal to the metal. Thing went like a raped ape. I swear, it sounded like the guy just got it out of the shop with a new 6.4.
If you wanted to get fancy you could swap in a sleeved 7.3 IDI you wouldn't ever have problems with cavitation then build the engine from there.
You could aways swap in a Ford Lehman 6 cylinder they are a 363cid engine that makes a 5.9 Cummins look like a tinker toy. You would smoke out all your neighbours but the turboed 363 Lehman puts out 250hp and 500 ftlbs.
Here is another option a 6v53 wouldn't that sound good
Of course, another idea was a 6.6, or possibly a DT466 in a T-bucket roadster. I think the 6.6 would be more appropriate, and should be painted Ford light blue.