What, did your cap-lock key get stuck or something ? No need to shout at us

/emoticons/
[email protected] 2x" width="20" height="20" />
There's no real mystery to this one. You gain horsepower & torque at the expense of weight & mileage. The weight difference between them is pretty much a non-issue with a truck but it *is* noticeable in something smaller like a fox body. It's always a judgment call but it comes down to context, *how* do you plan to use the engine. The 302 is perfectly adequate in a daily driver and will give you about the best mileage you're going to get (the I6/300 is a bit more economical) but you'll be completely dissatisfied with it if you tow anything heavy on a regular basis or plan to compete with the truck on any level. The 351 has the HP/torque advantage right out of the box and can also be stroked to a larger maximum displacement but there's always a price tag attached to mods like that (the cost of the parts, machinework and reduced mileage).
If you're looking for more performance then upgrading to a larger cubic displacement is *always* the way to go. Using better carbs, EFI setups, cams, heads, exhaust, etc are all well and good but at the end of the day those modifications are just ways to increase power without stroking or replacing the existing engine. If you're serious about your interest in a lightning mill then I'd suggest giving some thought to a 460 swap. A basically stock 7.5 liter engine (I'm talking about using the stock reciprocating assembly & heads with aftermarket cam, headers & chip) will crush a 5.0/5.8. When you drive the truck the difference is *literally* night & day, it'll take months to get the stupid looking grin off your face. A number of guys here have done this swap, ask for some opinions.
As far as the 5.8 swap goes it's a pretty straightforward bolt in with the exception of the difference in exhaust port height that American Thunder pointed out. Both engines are great, which one is actually better can only be answered by asking what you intend to do with it. If you want more performance then it's like The Man says, no replacement for displacement.