I had a similar dilemma years ago when I rebuilt the original 302 in my '68 Z. I was hesitant of installing and damaging the engine since I wanted to drive the car as it was intended.
Consequently, I had American Speed out of Moline Ill build me a 355 cu in engine that I dressed as a 302...intake, valve covers etc. The engine made 456 hp on their dyno and after the install (along with a TKO 5 speed) the car was a blast to drive. I had them install a solid flat tappet cam & valvetrain that easily revved to 6500 rpm.
Time goes on, I sold the car a few years ago and the purchaser got the fresh 302/M21 and loves the 355 from American Speed. The driving difference between the 302 and the 355 is like night and day.
It all comes down to torque on the street and at 290 lbs. ft. the 302 is, quite frankly a dog below 4000 rpm.
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