Ruger_556
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My 4.3 needs an intake gasket, has a really quiet knock at idle (No idea what it is), ticks under load, and idles rough... Fix it or drop a 305 in? What do you guys think?
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So, before I give you my "opinion", what is the intended use of the truck? What is the transmission in the truck? What is the rear end gearing?
Automatic with 3.42's
You seem to daily driver it with some light towing (approx 5,000 lbs) IIRC most of your posts.
It's my daily... I ran the numbers for getting a second rig and the fuel savings would never offset the insurance. Right now I'm just commuting to work and school but I plan on buying a house in the next two years. At that point I'll be doing everything with it (Daily, haul lumber, tow a trailer around, etc...)
Theses are all questions that are worthwhile knowing when choosing/building an engine.
The difference between a 5.0 and a 5.7 MPG wise is relatively small. 5.7 would make towing much more comfortable. As long as you resist the urge to go crazy with cams and induction methods, it should make a fairly calm daily driver with decent power and reasonable mpg. All things equal, 15 mpg on a 350 with the 3.42's and an auto in daily driving is a reasonable expectation. If it's all in good shape that is.
You need to consider the rear gearing, since the 4.3 is probably fairly lowly geared compared to the V8. 3.73's are a pretty good compromise. 3.42's could be pulled by a 350 but make it a little less fun towing.
If you're a 5 speed, you're pretty safe to just bolt it up (I'd change the clutch and assorted bits just because). Auto you have to look at stall speeds on the convertors. I can't say for sure, but I'm willing to bet a 4.3 converter will stall higher than a 5.0/5.7 oem truck.
Then there's cooling. Is the 4.3 rad the same size as the 5.0/5.7? Transmission coolers, oil coolers, fan shrouds, etc.
Then, at the end of all that, there's the economics of the situation. can you afford to have it down for a week or so? Can you afford the swap (don't forget the nickle and dime stuff like hoses, belts, etc are also in there)? Can you support the small reduction in fuel mileage that adds up over the year? etc.....
Lots to consider.
You're a tech IIRC, right? Best advice I can offer is don't be influenced by anyone else, do your research, answer yourself those things I've mentioned honestly and you should come to the right decision for your own purposes.
I believe the 305 shares a radiator IIRC... I'm a heavy diesel tech.