Thats a sweet rig you posted a link to.
To each there own, I know that 94 E150 i had with a 302 couldnt outpull a tricycle, it was fast once you got it up around 35+mph though.
Now, i know my buddy had a 90 ( believe, that body style) F150 with a 302/2wd auto. My other buddy had a 89 F150 2wd with a 300/5sp. Down the 1/4 mile both trucks were actually pretty close, hook a load on the them and the 300 really shines.
I guess for all intesive purposes we can call them pretty much even. Where the 300 lacks(anything resembling high performance, drag racing, and freeway crusing) the 302 makes up for it, but where the 302 (Sheer grunt, and durabilty) lacks the 300 makes up for it. Its just kinda whatever you need it for.
Fair enough?
On the other had....your right about the 400. I got one in my 78 1 ton and id put it against any stock 460, its got some mild work done but id say thats fair seeing as how it has 60 cubes less.
later,
Dustin