Ok, for what its worth ( not much) I have a 327/ 350 hp/ 4 spd in my '49. It's been in since 1973, has lots of miles and still will blow off my son's 5.0 Mustang. It's great fun, but if I were to build another, I'd stay with a 6 - maybe with a turbo - just to be different. Seems V8 powered AD's are common.

1949 chev 3100 3 window. 350hp/327/m21 4 spd, 12 bolt rear, power brakes, 3" dropped axle from Sid's. Disc brakes next.