go for it, the 350 sbc is a darn good engine in my opinion. I had a 1989 suburban with one and it was always very reliable, my brother has one in his truck and never had any problems, and my dad has had several of them without problems. They don't get as good of mpg as the 5.0 though, the best I ever got on the high way was about 12 in my burban. My dad has got up to 16 or 17 in his f150. It would be a lot more unique than a ranger with a 5.0 as well.

__________________
1989 Super cab, 4X4, 5.0 v8, c4 transmission.
2" leveling kit in front and 2" add-a-leaf in rear
- 3" Body lift - 3" or 4" suspension lift - 33-12.50 r15 Mud terrains - Explorer OHC, seats and center console - custom hood - 9000# BadLands winch