For burnouts and fast racing and mods I would say go with a 302 or 351. Tons more speed parts available. The 300 is a tough as sin motor and efficient, but is generally not a "performance" motor (in my opinion). Also, if possible get the correct rear-end gearing when you buy...or you'll end up doing a swap...take it from me...I'm going through it now...
I would reccomend for the 302 or 351 and a minimum of a 3.55 ratio regardless of tire size, tranny, etc. These heavy trucks need lower gears to help the small blocks pull their weight. As tire size increases, the lower the gearing should be...or all the speed parts you can get won't help you. Ford gears most the 1/2 tons for economy, not for performance. Gearing is near as important as engine size.
Take your time and find something you like. Being a Ford, it'll be around for a while. Good luck!!
-Hank

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1996 F-150 XLT, 302, 5sp., Toreador Red, Tow Pkg, Optional Payload Pkg, HD susp., Flowmaster 40 series, "Duals", K&N FIPK, Raven Cap, Bumper Guards, Hood Ornament, Lariat Emblems, Unity Lights, Jet Chip, Wilson 5000, B&M Shift ****, Hidden Hitch w/ Ford Motorsports Cover,
3.73 gears coming SOON

 

I am getting my liscense pretty soon and I want to get a 80's f-150. I want to be able to mod the engine and be able to do good burnouts and race fast. Will the I-6 burnout? What engin should I get?

 

If you want to do burnouts and go fast the V8 is the only way to go.

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2000 F150 XLT Reg. cab
4.6 Triton Engine
4x2 3.55 rear end gear
sliding rear window
automatic keyless entry
white styleside short box

 

Heres some more opinions... 1985 was the conversion year from carb to efi. If you want a 302, and don't intend to do any serious mods, go with efi, othwise you can build up a carbed 302 easier. I would strongly suggest a carbed 300. My cousin has a 1985 F-150 that has a computer controlled single barrel carb, and it puts out about 170hp? a early efi'd 300 puts out 150hp.