Not Ranked
I have had both and have loved both. Being of the same family, most bolt ons: heads, cams, pullies, upper efi manifolds (not lower) etc. are all interchangable. The 351W is stronger due to more webbing in the block. Also, the 351W (for obvious reasons) has more room to grow. If you were building a 5.0 Mustang I would say 302 because you can reuse a lot of the stock parts (pan, headers, hood). If I were starting from scratch I would go the 351W route.
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