Depending on the application. If he is honestly going to keep it mostly to the street a correctly prepared 700 will better suit his needs, The overdrive will allow a steeper gear out back which will help with et while retaining some driveability when off of the track.
If it was more of a strip car with occaisional around town cruising then the 350 would be a more cost effective and simple route while remaining durable as well. Also the 350 has less rotating mass so that would help as well when it comes to shaving tenths.
I have a few th350s out there in street cars that run anywhere from 11s to 9.70s so they will definately hold up under power again if properly prepared.
Easy response:
mostly street=700
mostly strip=350
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