Not Ranked
I agree (somewhat) with dsmith. That's IF you think you'll ever sell it. FE does add a premium. The Shell Valley I just sold had a 289 and quite frankly, It was faster than any of my other cars. I'm currently building a Hurricane with a 428 FE. I don't expect it to be nearly as fast as the 289 car. These cars benefit from top end power more than they do low end torque. Unless, of course, rear-steerig at sub-freeway speeds is your ultmate goal.
One thing to keep in mind is that whatever size engine you decide on, keep it a FORD if you ever hope to sell it. In my humble opinion, there's nothing superior about Ford engines over others, but Cobra buyers demand them. Figure on selling a car with a Chevrolet engine for the same price as one without an engine at all. Just a sad reality.
By your initial question, it doesn't sound like you care so much about being an FE purist. That being the case, I'd go modular. Smooth power, good fuel mileage, dead nuts reliable, and still a Ford should you ever decide to sell it.
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