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if it was me, 331 or 347 stroker...giddyup
 
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That's a hard question to answer without knowing what your goals or direction are. Concours... track car... fun weekend car...

Give us some more info and I bet we can get you some direction.

:bigthumbsup
 

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With a bit of effort and luck in finding the goodies, a 2.8 and 4-speed can be a Heck of a lot of fun and still be fairly economical.

The same with putting a roller 5.0 into it.

Some of the dirt track guys are pulling well over 300 hp out of the 2.3


Part of the choice would depend on what engine the car is already set up for, along with what you want to do with it (as mentioned above)
 

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What's in it now? As Blue Coyote mentioned above, if it has a 2.8L and you are looking for fuel effeciency with some pep, it may be best to rebuild it. My 1975 had a 302 which was a lot of fun, but I swapped to a 347 stroker to get more horsepower (not so fuel efficient though).
 
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