foolish? that’s harsh... why bother with wiring, tuning, etc when a 350 will drop right in. if its a project truck sure ls it all the way... who cares about ls swapping mustangs..... he’s asking about his family hauler .... sometimes reality is just that..reality
Foolish was probably a poor choice of words, but I do agree if someone has the time, money to spend, and the know how, and you are choosing bw rebuilding a 5.7 TBI or an LS Swap, hands down the LS swap is the way to go. It is just a better platform all around, stronger, more efficient, makes more power, and the list goes on....
In the case of the OP, when considering he wont be doing any of the work himself I think that answers his question right there.
OP unless you have a shop in mind that you trust and they have already given you a quote on the work to be performed that you can work with (which it doesnt sound like you do), then the obvious answer is to stick with the simplest route and get a rebuilt 350 (or even a 383 if you some extra power).