Broncobowsher is spot on asking what your use is...
It's like asking on here what kind of car should I buy...family, 2 seats, 7 seats, pickup, mileage, DD, commuter for mileage, and of course you answered less than 30K : ) ...etc.
punched to 4.125, TF heads, SEFI w/Moates, 4r70 or street 6r80... what are the intended uses???
I think anything less than a 408 isn't worth it... 351's aren't any hassle to put in compared to a 5.0. stuff bolts on.... only a few more bucks... super reliable.
aahhhh, just saw that your daughter will be driving it... that means a boyfriend eventually... my daughter drives mine VERY sanely but...I can't speak to others so that would mean maybe an easy Exploder swap with a 4r70W. Have Garry set you up with the wiring so it's a drop in with limited wiring running the stock coil packs etc. BEYOND dependable and no work other than bolting it up with some limited wiring....