The old AODs had very low converter stall. I think the the mustangs locked up at 1900rpm (WTF) and the rest were 1600. But the AOD-E and 4R70W have a much improved torque converter. Maybe there's a different torque converter behind the 4.9L?
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again, I have not said that I like or dislike either engine. the 302 is a car engine and should remain in cars and small pick ups. the 300 has earned its right to be called a work horse, but there is a reason why it was the base engine.
It has nothing to do with the orientation of the cylinders, it has everything to do with bore/stroke/flow.
Now, take a steep grade and start both trucks from a dead stop with 8,000lbs. That 302 wont know what hit it.
later,
Dustin