budget new crate engine advice

Hi, I'm about to buy a new crate engine for my 67 fastback.  I'm looking for a 347.  I was about to buy a TandL engine, and read some very scary negative feedback on other forums. Can anyone recommend a budget 347, that won't end up being a headache to purchase, or run?
My budget is max 5500$ which I know is low...
How about Blueprint engines?
Any firsthand info would be most appreciated.  

Consider the Ford Racing M6007-XEFM 5.0L 340 horsepower engine.  It isn't a 347 but they run like stink and you can stay within your budget.  They run on 87 octane gas and the internal parts are standard stuff.  Your 67 will easily accept a 351, too.  These are cheaper than 347s and were originally designed for the longer stroke.  

you can score a new 302 block and have a speed shop build your 347. Top it off with some patriot heads and come a far way under 5500  

Hey pkbkfcw,
I am considering that engine now.  And it does seem like the most affordable solution.  I'm against a 351....Can you tell me the difference between this and the 347?  Is this going to be better for the street?  I was a bit worried that a 347 was going to be too much for daily driving anyway...?
Is the 302, too small a change...are there any cons? thanks  

The 351W engine block is taller than a 289/302 to accomodate the additional 1/2 inch of stroke.  The 347 is a stroked 302 (5.0L) so it will be very similar to a 351 but the geometry isn't as desirable in my opinion.  The cylinders have to be notched at the bottom to clear the rods and some 347s have the piston pin in the oil ring groove, increasing oil consumption.  I have the 5.0L Ford Racing engine I mentioned in a 66 and it is very driveable and has more HP and torque than previous engines that have been there.  It runs fine on 87 octane unleaded fuel, too.  If you are replacing a 289 you will have more than 100 additional horsepower and the front end will be lighter.  It would probably spank a stock 390 equipped 67 Mustang.

The cons are refitting it to go in your 67.  The oil pan and pickup have to be changed.  You can equip it with a serpentine belt and late model alternator or fit it with the 67 front cover, water punp, etc.  You have to add a fuel pump eccentric cam to run a mechanical fuel pump or fit the car with an electric one.  A 347 will need these things, too, if it is built using a 5.0L block.

This is probably going to ignite a debate over 347s and 390s being better or worse than 302s and 351s.  It's an opinion, folks.  Don't get your knickers in a twist.  

So the 351W is actually taller than the 302?  I was of the understanding that the 351W was simply a modified 302 (same block).  Is that incorrect?  

Wow, serious answer...ok, say I go for the  M6007-XEFM 5.0L 340, the only thing that worries me is the fuel pump..I don't want an electric fuel pump...so does that mean I have to change the cam?  Anyway around this?
thanks  

No.  You don't change the cam.  You add a fuel pump eccentric (like a big cam lobe) to the front of the camshaft and use your 1967 timing chain cover.  Then a mechanical fuel pump bolts up.

Ford Racing will give you the details.  Basically, you dress the engine for 1967.  It was made to fit a late model Mustang so the oil pan and oil pump pickup are wrong.  So is the timing chain cover and water pump.  If you have a standard shift transmission, the new block lacks the threaded hole on the driver's side for the clutch linkage.  There is a bracket available that bolts to the back of the block to make up for that.  

You won't be dissapointed.  

And, yes, the 351W is a different block.  Heads are interchangeable but intake manifolds are not.  

Ok thanks....I think I'm going to follow your advice.  Only problem I see is that apparantly the engine is not available at the moment.  Someone told me there is an oiling problem, and ford is not shipping.
Otherwise, if I can find one...would I have a problem with a hydraulic clutch?
thanks again....  

There is an upper engine oiling problem associated with the 351 Cleveland, but not the Windsor.  

pkbkfcw this is the engine you mean?  
I found this one.
5.0L/302–340HP GT-40 ALUMINUM HEAD FORD RACING PERFORMANCE CRATE ENGINE ASSEMBLY
M-6007-XEFM*
I was told I might have a problem with 67 pulleys lining up? with the harmonic balancer?  

I don't know.  I have the 66 timing cover with an  aftermarket balancer and pulleys.  It's been in there a while and I don't know what brand they are.  

i live in england and ordered a 347 from t&l in may it did take a long time but was shipped mid sept and i go it in the uk 3 weeks later, got a dvd of it running but not had it running in car yet as old wiring to new alternator needs sorting and starter motor changes etc,but engine was well packaged and looks great with march pulleys