The FE gets a bad rap about being a gas guzzler. I have a 63 galaxie with a 352 in it and I'm very happy with the fuel mileage. Its a 60K mile original car that is just a real nice driver. I usually get about 18-20 mpg. No it doesn't have a 2 bbl on it either. I put on the dual quads from my 427. It has progressive linkage on it so as long as I don't dip into it mileage is fine. It all depends upon your carb size, cam size, gear ratios, tune up and, the heaviness of your foot. You could turn that 360 into a nice running engine as long as its built properly and still have good fuel mileage. FE's have great torque in the low end and if its rebuilt to take advantage of that you'll love it! A properly built 360 would power that 53 F100 better than any similarly built 302 ever could. Its your call but I'd go with the FE. Good luck with the truck no matter what you choose you'll have a nice ride.