I recently just went through this same dilema however my end goals for my rig are much different which swayed me towards the 5.8. I'm building a rig for the Rubicon with FW axles, doubler, 40" sized tires etc. I was given a mustang 5.0 and was going to put a 347 kit in it to get the torque I wanted to turn said tires in the rocks. I ended up finding a full roller '94 5.8L for $250 and quickly changed gears. I didn't feel comfy maxing out a 5.0 block in such a trail rig. I figured the 5.8 build would leave me more options down the road for increased power should I determine I want it. All the parts I'd acquired for the 347 bolt right on to my 5.8 build as well. PLUS, I'm running about 30% the cost with the 5.8 vs the 347 when you figure purchase+ shipping of a 347 kit to Hawaii (another big decision point). Only thing I needed that I didn't have was a Lightning lower and I was able to source one of those cheap enough & had it shipped out here from another EB'er. Now, I'll have a very nicely built 351 & if I find it's not enough for what I need down the road I'll look into stroking it (but doubt I'll need to).
Had I been building a rig with your described usage, not had to deal with expansive shipping costs & was sitting on an explorer 5.0 & didn't have a 5.8 sitting next to it I'd probably go with the 347. Keep in mind there is also a 331 kit that alot of guys seem to like as well and leave you a little more room in the block assembly. Just another option to look at for you.
I've since taken the stang block I was given, honed it out myself and cleaned it up real good, new bearings & rings, put the fresh set of GT40 heads I had on it w/ Ford Racing 1.6 ratio pedestal mount roller rockers, explorer GT40 efi and am waiting to drop it into my '69 as a complete EFI swap vice retrofitting the EFI on my '69 302. I think it'll make a REAL nice powerplant for the '69 that's rollin' on 33s and might see 35s in the future but nothing larger. Stock bore, crank, rods, pistons & cam & I built it for less than $1K total investment on my back porch.