Charlie,
While you probably have valid points from a pure power standpoint, there were a few key items that influenced my decision. I'm all but certain that the 312 in my 'Bird (upgraded with cam, big valves, intake, etc.) is by no means as stout as Ted's test engine.
With 2" or 2 1/4" exhaust, and the FOM transmission, the max HP and upper end is not nearly as important as torque. The cosmetic factor is also huge, given the amount of effort put into the under hood appearance. With the coating, (agree 100% with Ted's comments above) I believe the appearance and performance characteristics will be the best overall choice.
And Ted, that's just a Sanderson picture...mine haven't arrived yet. Probably next week. Once I finish everything on the LSR Uni' I'll be doing an ignition upgrage on the Caddy in my '60, then doing the (hopefully) final assembly under the hood on the 'Bird to get her going by the time fair weather arrives.
That is, if we (in CA) make it through the laughably apocalyptic snow dusting that the weather folks are predicting over the next couple of days
Todd in Central California...about half way between Fresno and Sacramento
1956 Thunderbird - 1960 F-100 - 1961 Starliner - 1961 Imperial