There is no external size difference between a 327 or 350, and either will accept a "short" or a "long" waterpump. They are essentially the same; as has been noted the stroke is about 1/4 inch longer in the 350. It should pull a tad better because of this and the extra cubes.
If you are looking at a Gen 1 motor, I would think a 350 is the way to go. They are easier to find, too, since the production of 327's stopped in 67-68. 350's are everywhere. That said, I run a 327-- basically because I had it-- and it's OK, too.
If you are looking at a Gen 1 motor, I would think a 350 is the way to go. They are easier to find, too, since the production of 327's stopped in 67-68. 350's are everywhere. That said, I run a 327-- basically because I had it-- and it's OK, too.