It all depends on what YOU like.
I am for Ford all the way, have been forever.
My reasons for the Ford 5.0 EFI are the weight, I like thing lighter. Availability of parts, almost any junkyard has stuff. EFI, can't beat the fuel injection on the trail. Availability of adapters for any transfer case or tranny you can think of and the motor mounts too.
If your rig is gear correctly then a stock 5.0 will work wonders on the trail.
If you are going to mud drag the vehicle then maybe the 360/401 will be better.
BUT the Mustangs are whipping A$$ at the drags w/ 5.0 EFIs.
5.0s can be mod'd to be just about anything you want high hp mudder or low hp crawler.
With all of the info and part available for the Ford you will have dependable, efficient vehicle.
A friend of mine has a 350hp, 5.0L Ford Crate motor in his Early Bronco w/435 manual trans. He like Mud Drags and ran a stroked 383 Chebby w/auto trans, the little Ford came through and beat the 383.
Not to say the 383 guy didn't screw up some how but the little Ford will surprise you.
Luck, this will be a good project.