Not Ranked
Quick update: we were on the verge of ordering a 351w when my father-in-law offered us a 1965 Mustang 289 engine. He had rebuilt it about 25 years ago when he renovated a '40 Ford. All our talk about building the Cobra inspired him to pull the cover off his Ford and put a bigger engine in. So we get the 289, which we're going to have rebuilt from the ground up as a 302. (I believe it's the exact same block as the 302...?)
It's a particularly sweet deal in that in NJ, the emissions standard that you're held to is determined by the year of the engine block, which in this case is 1965. I think it would have taken us awhile to come up with an older engine like that.
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