Staying Relatively Stock (and Easier on the Wallet):
* Rebuilt/Restored Original Small Block (265 or 283): This keeps the car historically accurate and offers a relatively simple restoration. Power will be moderate, but it's a great option for cruising and enjoying the classic feel.
* Mildly Modified Small Block (265, 283, or even a later 305/350): These offer a balance of performance and reliability. You can increase horsepower with upgrades like a performance cam, carburetor, and intake manifold without drastically altering the engine's character.
More Performance-Oriented (Increased Cost and Complexity):
* Built Small Block Chevy (350, 383 stroker): The ubiquitous small block Chevy is extremely versatile. You can build these to produce anywhere from moderate to very high horsepower, depending on your budget and desired level of performance. This is a popular choice for enthusiasts who want more power.
* Big Block Chevy (396, 409, 427, 454): These offer massive power but require significant modifications to the chassis and drivetrain to handle the increased torque and weight. They are also more expensive to acquire and maintain. This route is best for serious performance enthusiasts.
Other Considerations:
* LS Engine Swap (LS1, LS2, LS3, etc.): These modern GM engines are incredibly powerful, efficient, and relatively compact. Swapping one in requires significant fabrication and engineering but offers a fantastic power-to-weight ratio. This is a very popular option amongst enthusiasts willing to undertake a more complex project. They offer modern fuel injection and electronic controls.
* Budget: Consider the cost of the engine itself, the cost of installation (labor, parts, etc.), and ongoing maintenance.
* Driving Style: Will you mainly cruise or will you track the car? This dictates the type of power you'll need.
* Authenticity: If keeping the car as close to its original configuration as possible is important, stick with a rebuilt or mildly modified small block.
In short: For a balance of performance, reliability, and relative ease of installation, a mildly modified 350 small block Chevy is a common and popular choice. However, the "best" engine depends entirely on your individual goals and resources. Research each engine option thoroughly before making a decision.