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Not needed for the power, dunno how many miles you have on your block it may have to be bored anyway due to wear. I'm assuming it was all stock anyway, so you were already going to have to be going with new pistons and rods for the f1 so its not like you are getting a monies savings on the pistons and rods. I guess going 416 would be a bit more money at the machine shop to get the block bored and clearanced but if you are looking to go with a procharged f1 setup I doubt the little bit extra there is going to hurt you.
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