1988 Ford F-150

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I have a 88 Ford F-150 with a 300ci 6 cylinder motor.The motor went bad
and i am debating on replacing it with the same motor or go with a V8. I use the truck daily to pull a small tractor weighing approx. 1700 lbs. I need to know if any changes would have to be made if I went with a small V8, and what would be the difference in gas mileage and pulling power if any. If anyone has any suggestions I would greatly appreciate them.
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