Weighing my options

IIRC, 360 also has a smaller camshaft compared to the 383, which will cause tq and hp to be reduced. I believe the 383 had a cam with ~10-15 more duration, ~10 more at .050 and .020 lift. Add that to the 360 cam and I'd bet the hp/tq comparison would be real equal and TQ would likely swing over to the 360.

The 2bbl models are so close in 1971. 275/375 for 383 and 255/360 for a 360.

Want a BB put it in and spend the money. Pick your parts, pay your money.

If budget is really a driver, run the 360.