"Hmmm ... so many ways this could go. How about this one?
If you were lucky enough to get one of the original 34 'true S/C' Cobras, you got a 520 HP 427. If you were less lucky and got the standard production version MkIII with the 427, you got 425 HP. If you were even less lucky, you got a 340 HP 428 (in Police Interceptor trim) and still technically got a 427 S/C MkIII Cobra. Likely with good tires and a nice launch, this was still a sub 12 second quarter miler and nothing to sneeze at.
However, this hoists the lowly 302 HO up a couple of steps in this particular big block/small block pi$$ing match. While there is no doubt that the 428 makes more power, it is also heavier, probably much more expensive, and with the plentiful aftermarket in 5.0 bolt-on's, you can relatively easily get the same or more HP out of the lighter, cheaper 302 block. "
There are myriads of upgrades for FE engines. My 428FE will dyno around 615hp. That's with 10.5:1 compression, a solid roller cam...and mainly some good old fashioned CNC head work and a good intake. It will be mild mannered and streetable....with upgrades still left to go if I wanted more power.
A 302 will not make that much power unless it's stroked, blown, squeezed, and juiced.
Even if it *did* make more power...there's plenty of naturally aspirated bolt-ons still left for the FE to turn it up a notch.
Big Blocker: You can get a big block to rev as high as you need it to. I'll be shifting mine at 7k. Could I spin it higher? Most definitely. The bottom end I have will stand it...and if I wanted to make my powerband up that high, it's as simple as a cam change.
Todd: I don't understand where you're saying the big block will be more expensive to maintain? How so?
I built my last engine...a 425 Windsor. I had just under $10k in it. My 428FE (that makes 100 more horsepower) will cost me about $9600.