My carbed '78 302 with really low compression (from the factory) and the same 1.08 venturi 2bbl 2150 they put on a 2.8 V6 was rated more torque at a much lower RPM than a 4.0.
I have been around a couple 4.0's, they impressed me neither in for fuel milage or power. Adaquate at best IMO in the Explorers they were housed, about the probably about the same spunkyness as the 2.8 that came in my Ranger if it was in good shape.
I dunno why you keep dragging up that EFI 5.0 vs TBI SBC crap, I proved it wrong once.
1992 truck 350 - 190hp @ 4krpm, 300lb-ft @ 2400rpm
1992 truck 302 - 185hp @ 3800rpm, 270lb-ft @ 2400rpm
1992 truck 351W - 200hp @ 3800rpm, 300lb-ft @ 2800rpm
Sure there are better 302's out there but there are also better 350's. This is same year, same application, same intent of use across the boad.
From "Standard Catalong of 4x4's 1945-2000" by Robert C. Ackerson.
Sooo, what is comparable to what? If they are really comparable it seems Ford was pretty stupid for keeping around the 351W which on paper is much more comparable to a 350...

Although a tad shorter on hp, that ol' 350 cranks out the same torque at a lower RPM than even the 351W.