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I have a 95 with the 5.7 and it is rated at 200 horse and 300 torque... I think the new 4.8L is now rated at 295 horse and 305 torque... the 5.3 is rated at 315 horse and 338 torque... so basically there really is not that much power difference between the new 4.8 and 5.3 engines. I think you should be ok with your 4.8L
 
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