I would think that the 408 would be more bang for the buck, but I have never really messed with a modular motor. My only modular experience is the 1997 mustang GT I had but never messed with the engine.
I may be a little biased as well because I am building a 408 right now
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-Kevin
1987 Mustang Notch
408 Roller Block, Scat rotating assembly, Windsor senior heads, Lunati Voodoo cam, Victor jr intake, BBK longtubes,
C4, Transbrake with full manual reverse valvebody.
Granatelli tubular K member, A-arms, Coilovers and Strange adjustable struts.
Auburn locker rearend, Moser axles, Lakewood traction bars, Competition Engineering adjustable shocks.
4 point cage.
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