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The 351M and the 400 are the same, except for the stroke I believe. I was told when I had to make a decision to go with the 400, as both engines had trouble overheating and with oil, so I might just as well go with the stronger one. I have a 351M with over 250,000 miles on it and a 400 with over 150,000... and I'd have to say that for some reason - I don't know why - the 351M is the better of the two. The gas mileage is about the same and the power difference is almost non-existant. Just seems like there are fewer problems with my M.
the 351M the only diffrence is longer stroke both are good motors but i think the 351M is better mine is still running strong with 127k and it only had a valve job at 5k.
I have a 77 F150 XLT RANGER that came stock with the 400, so I dont know about the 351M. I ADDED THE EDELBROCK CAM,INTAKE,CARTER 650cfm carb,2.5" EXHAUST,and just had the rod bearings replaced along with a HD oil pump. with the 2.25 gear ratio , I have plenty of power, torque.as for overheating, I have had no problems since getting rid of the stock 2 bbl carb, the CARTER AFB needed some jet changes and after trial and error, I have gotten the engine to run great !!!! and cool!!!
They are basically the same engines.. It all depends on the driver. My uncles swear by the bigger is better theory, as they swear that the bigger the engine, the longer they tend to last in trucks. I'm only 18 so I can't really say. But mechanically, the only difference in the 2 engines are the crank, and the pistons. I'm turning my 351M into a 400 with this rebuild, so who knows.. Everyone will tell you differently.