I haven't built my '94 351w yet, but my friend who has built several mustangs (including fox body) swears that putting high flow heads and intake will tremendously unlock a lot of power in these motors. I had a machine shop bore my cylinder walls 30 over, deck, hone, hot tank and magnaflux the block. They also balanced my rotating assembly. Reusing the stock crankshaft and had to have it turned due to a tiny wear spot. Using Keith Black hypereutectic flat top pistons, mahle rings, new rods. Been using desktop dyno to find a good cam, and so far a Comp Cams extreme 4x4 cam gives good torque and hp. Looking at probably going with 185cc or 195cc AFR heads (58cc chamber & assembled). Looking at the holley efi side mount ford style Hi-Ram 95mm intake manifold and accufab 95mm throttlebody + CAI. 47lb injectors. More than likely going to switch to a Holley efi terminator and us shift controller, instead of having to chip and tune the factory ECU. Deleted smog & emissions (tab/tad/egr). Also going to go with an electric fan to free up more horses. Shooting for around 10.5:1 compression & pump gas. Desktop dyno puts it roughly at 450hp and 500 ft/lb tq peak at the crank.
Holley Hi-Ram is too big on an intake for a truck based 351w build. thats really too big of an intake for any truck based build exepvt maybe a 427 stroker build. really only good for a mustang based stroker builds that use high rpm range. you will need bigger heads, custom grind cam along with a high stall converter or high axle gearing to be able to have a chance of pulling that off. but i wouldnt even try it on a stock displacement build.
which brings up another point, i would REALLY consider a custom grind cam. regardless of how built it is or not. custom cams dont cost that much more than off-the-shelf cams and will maximize your engine for your build. my recommendation is FlowTechInduction, Ed is the go-to guy on the mustang forums for cam builds. and he will be able to tell you more of what you can get away with or not as for intake and other aspects of the build. just note that he wont give you any cam info unless you pay for the cam upfront cause he doenst want his time wasted. if you are using the original 94 block then you should be F4TE and thus roller ready.
Custom Camshafts, Valvetrain, Valve Springs, Push Rods, Timing Sets
you really should have gone 408 stroker. by the time you have the crank ground, replaced the pistons, press the rods, new bearings, balance. a 408 stroker is a great way of making more power while being stronger. it does cost more in the end but if you are doing a higher end build like this thats almost the obvious choice. you can always replace top end later, but bottom end you are kinda stuck with.
just an FYI, a good performance E4OD converter alone will probably cost near if not more than 800-1500 bucks depending on stall speed and manufacture. anything less is jsut a reman stock converter and theres not many options for higher stall speed for them. my Circle D 2800-stall converter cost me $900 and that was about the cheapest. most places were significantly higher, couldnt do them, or it would take several months. my previous Monster Transmission 2400-stall converter was $900 but was not nearly the quality.
you cannot believe desktop dynos. the one i am using (DynoSim5) is such trash. its no where near accurate tho its fun to play with. but my build which is significantly more than yours it shows at 450hp 525tq. this is a 410ci engine with AFR205 heads, custom cam, and a very good intake. i expect to be making around 550hp.
this cam is for a higher rpm range than you will probably be using in your truck. 35s and 4.10 gears will not allow you to reach the rpm range to use serious HP unless you run a high stall converter. my bronco with the 410 build has 37 and 5.13 gears and a high 2800 stall converter.