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most around 150 - 180 hp, about 300 lbs torque. their dogs from the factory - need a cam to wake em up. can easily get 350 - 400 hp out of descent heads, cam, intake, carb.
they didn't use the SAE standard until the 70's, before that rated hp was done with no accessories or exhaust on an engine dyno. On average the new SAE method showed about 20% less then the "old" way. Sometimes it was even more than that. Also, I suppose it matters what year and what the 351w came out of - as their differently setup thooughout the years and vehicles used in.
These 351W's can make 375-400 H.P. pretty easy even using some stock head castings and doing some bigger valves and a little work in the bowl areas with a grinder. The GT40 heads seem to be getting cheaper all the time so I think that would even be a better way to go. The 351W also uses a much longer rod than most engines in that size catagory and that helps make torque. You can use more duration in the cam than a 302 due to the longer stroke......