Not Ranked
I also be in the camp of building a 302-based 331. There are several reasons, but mainly whether it's a GT40 MK1 or a 289 Cobra, I would install the physically smaller engine to look proper. If you're not after max HP and simply a cruiser, then I think the 331 is great solution.
As for all the individual parts, I'd consult the engine building folks here (Keith, Barry, Brent, etc.) for the latest and greatest stuff.
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