I don't think the 5.4" rodded 347 is preferred... but probably because that's the rod you had to use in the past.
That was directed to one stanger above.
When done correctly, this is not an issue. If you have restricted oil to the piston pins... there are other issues.
Ring gap and lands are the critical detail to ensure is correct when doing a 5.4" rodded 347.
Heat chases oil away. There is lots of heat in the cylinder. It is well over a 1000 degrees.
Not only are ring gaps important but the machining and correct oil land ring support rail are important.
The use of a good dimpled oil support rail (needed for 1.090" pistons) that can't rotate in the groove (due to the dimple facing down into the pin bore and effectively locking it in place), you can help combat "extra" problems with oil consumption. Bad ones, use what amounts to a 3rd oil ring wiper with no dimple that clamps against the back of the oil ring groove and they can rotate and/or roll in place. Ideally you want a oil support rail to grip, which comes with it being the correct size, against the back of the oil ring groove and also have a dimple. A good builder and parts used are key.
The oil ring support goes underneath the oil control expander on the very bottom, if looking at the piston from it's 'in engine' orientation. The oil support rings go directly above and below the oil control expander, with the oil ring support on the furthest wrist pin side.
Explain this... because boosted and bottled applications don't require much but a nicely matched camshaft.
A longer rod makes the engine more likely to detonate. Think about how the longer rod acts compared to the shorter rod. The long rod is sitting at TDC for a small amount longer. This is a longer state of compression. Do you need excess compression at TDC when forcing air in? Yes, a camshaft is big as well. All else being equal, the longer rod will be more likely to detonate.
Why does this matter? All I see is a heavier piston... although I'm not promoting the 5.4" rodded 347 sbf. I actually have the Probe 3.315" rodded ProStreet version.
A taller piston height directly helps strengthen the piston crown area. There is also more piston skirt area. I have a picture of it, in the link in my signature of a comparison picture.
Shorter piston = Lighter piston
Shorter piston = Longer rod
They both have roughly the same weight because they cancel each other out. But I like the "rock in a sling" more so.
If I built the 3.4" rodded 347ci sbf... I can assure you I will not have oiling nor longevity issues.
Probe is one of the premier 3.315"/1.175" 347ci sbf rotating assembly manufacturers, and should PROMOTE their product as such.
Your right, they are, but as I listed, there is more than just Probe promoting it. They sell the 1.090"/5.4" combination as well

Yes, the smaller rodded setup IS nice... my choice because it's my first 3.315" rodded 347. Will it perform better than the other... probably not.
My opinion as well as many, many others; the shorter rodded setup is easier for the novice or beginner builder/assembler as there are more details that can be "overlooked" and still perform well.
I'm not disagreeing with 5spd, I just see things from a different angle and experience.
You are not going to notice any difference in power between the two. I am not sure why you think that your engine can not perform better than a 5.4" or atleast, just like it. Try upgrading your heads, cam, and intake and get that thing moving
You are going to get 347 cubic inches with either combination. One has a more reliable track record.