You will more power with a 347 than with a 351 with the same HCI. But you will have more bottom end torque at a lower rpm with a 351 than a 347 (just my opinion). It is all about the bottom end at that point (compression ratio, bearing clearances, etc) with the same HCI. 351 has more rotational mass and larger bearings (read: more bearing surface means more frictional losses but stronger overall), which will affect power ratings. A 351 does have a more favorable rod to stroke ratio, a little stronger block, and the ability to stroke it out to 408 c.i. It is hard to compare the two because you wouldn't put the same cam or probably even heads on a 347 and a 351. It is all in the complete setup. That is only my 2 cents, though.