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If you don't want over 400 or so HP, I would go with the 302.
A stroker 302 is about the same price and you can go 331 or 347 without a problem.
The 302 is about 65 lbs lighter than a 351.
A T5 will work well behind a 302, but with a 351 you would want to go with a 3550. Add another 25 lbs for that.
A 302 should make a great Cobra. 400 HP and about 100 lbs less.
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