Quote: I would like to be in the 400-450 hp range with plenty of torque.
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A 318 can make 400 horsepower. There's been a couple of 318 builds featured in magazines making 400+ horsepower. It sounded pretty easy reading the articles.
A larger engine can make power easier and would most likely have more low end torque. Buying a 360 would also you to drive the car while the engine and drive train is being rebuilt.
An even cheaper method is to find a low mileage 318 or 360 magnum junk yard engine, swap in a better cam, add an intake, some headers, etc. Drop it in and enjoy!
