One of the secrets to the 66-77 Bronco was the relative light weight.....a 351M is way heavier and bulkier than a 289/302 and wont rev as high either,that and their lousy track record of oiling system problems and you are better off with a 351W...it fits better (its a little taller) and factory EFI is available as a potential upgrade.The smaller 289/302 was such a great "team" with the smaller Bronco configuration,its overall hard to beat......
The whole reason for the 351M/400 in the 78/79 Broncos was,#1:It was now based on F series trucks (and their FE engines were laid to rest in 76),and #2:The high weight of the trucks demanded a "torquier" and more "durable" engine.Thanks to development of the 302/351W during the 80s(EFI,computer controls),they became acceptable for use in full size heavyweights...that is after some seriously bad years of below par performance.
I would say overall the 289/302 was by far Fords best engines....fuel efficient,long lasting,low maintenance,very flexible for usage in trucks,Mustangs,Cobras,family cars... the Cleveland based 351/400M engines may have been smooth and long lasting,they were far from being as "flexible" in their applications (in car use they were gutless,in truck use they were just par,and no sportscar or Mustang were ever graced with a 351M/400 engine).