First off I prefer carb all day.
I would use the roller block and stroke it to a 393 or a 408.
I am not sure I am reading it right but the way I understand it you are saying take the XE-274-HR out of the non-roller block and put it in the roller? If so you can not but a non-roller cam into a roller block.
Stock T-5 would not last long. Again I prefer a C-4, just my preference.
I guess it all depends on how much you want to spend and how long you want the car down. If you are looking for budget, just build the 351 flat tappet engine with your uppers and see what happens. You can always change TB etc... later.
Just some thoughts, good luck!
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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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