EDIT: I have a thing for old 50's wing cars. this is in good condition. do a rest rod look, maybe a resto rat rod, paint it flat black and yellow cream, redo the interior a little, slam it down and ditch the hubcaps. Paint the steel rims gloss red - would look badass IMO
then drop in a high-po engine, like a new crate motor
Out of those two however, this is a Ford site - I'd choose the fox as would 99% of the people on here...
This isn't a "what car would you restore of your choice" thread. He's asking for opinions on what would be the better engine. If you're going to post stuff like this why dont you start your own thread?
ANYWAY
I would pick the SEFI 302 because it will most likely be more efficient in delivering fuel than a TPI 350. I dunno much about 350's part wise, but you can pick up 302 parts for rather cheap.