My 78 F350 has a 400M engine in it....its a proformance rebuild but its got a RV Cam, Hooker headers, Edelbrock Performer 400 intake, and Edelbrock 650 (or 750, cant remember which, the guy told me when i bought it), and lemme say, it is by far one of the torqueiest engines ive ever had.
My Dually has 4.30 gears and a 4sp, so granted its not the fastest thing around, it whinds out waayyy to fast, But I hooked 10000lbs behind it and it doesnt even know its there. It can still smoke ricers light to light. Even 55-70 runs aint that bad.
I cant speak for reliabilty, as i havent had mine that long, but Id put them against anything (new or old) short of a diesel for power. Even my buddy who had a 02 Chevy with the 8.1L was impressed with the Torque of the old 400.
My dads friend has a 83 with a 460 and a 4sp in a 2wd dually, just like my 78, and honestly, I will say my 400 would wax it when it comes to grunting loads.
The 300 Straight 6 is a awesome torque mosnter engine for what it is, and competes very well (in terms of torque) against the 302, 4.3L, 225 Slant 6, 3.9L Mopar, etc, which was its major competiors, but, its no big block.
The 400 is far from a race car engine, but if you need a bulletproof, mean, strong, powerful, monster, look no further.
later,
Dustin