We considered lots of possibilities when we were in the engine selection mode. Our daily driver '50 pickup (Walter) has a 1959 261 with a 5 speed and that has been a great driver and suprises folks with how quick he is - at least for the first 1/8 mile.
Pretty much everything else we run has a 292. We like the fact that it is kind of different and have not found it lacking in the performance department. Our '64 C20 (Otis) has a mild 292 with propane pistons, Edelebrock 4 barrel, Headman headers and a 5 speed. He will idle at 600 rpm and pulls to 5000. We use him to pull the flat bed trailer with our '56 Chevy 2 door sedan when we take it to the race track. The '56 also has a 292 with a bit more work done to it. It has a lump port head, quite a bit of cam, 11 to 1 compression and a 4 speed. It is our street car that we race some. It will run 13.50 at 100 mph in the quarter. We wanted to go one step further with the tried and true 292 so we built another '50 pickup (Kirby) but this one with a more serious 292. It has an aluminum head, Hilborn mechanical fuel injection, 4 speed and is a "haul it to the track to race it" kind of vehicle. He runs hard and straight and surprises lots of V8's. If you go to the DIY Gallery section there is a "Kirby Update" thread where I've posted a picture my wife took this summer at our local 1/4 mile track in Pierre, SD. He ran an 11.60 @ 114.9 mph and you will see just a little air under his front tires.
Yah, 292's will make all the power and torque you need - probably not as cheaply as a SBC but anybody can make hp with a SBC - right?!
