The 351C could be a good engine depending on the year model.
On the 460, I've heard of people spinning a rod bearing in the 460 but that's pretty rare and is a result of very high RPM's usually well over 5500 or an oil issue as in lack of. Could be the oil pump or operator error. They did have an exhaust manifold cracking problem from water splash (I know, I cracked one) Replace the manifold and splash shield and no more problem. I've work was a mechanic and never seen a broken timing chain in a 460. Sure I saw em worn out but never broken. All the problems you describe sounds like someone rodded the living heck out of it. On the other hand the 460 was very easy to bump HP in and would far outdo anything the 360 could even think of. I did, before I developed my dislike of MOPAR own a 360. It was one of the reasons I came to dislike MOPAR products. They have a history, a long history of cam and lifter problems. Were considered a gas hog and stock lacked power.
I drove a F250 2 wheel drive 460 V8. Carb model. Stock it was a monster. Would pull anything I hooked to it. Loaded on the highway with about 1K in the bed and another 8K between a trailer and load got 11 MPG over a 650 miles road trip. It would drive the same route empty at 13 MPG. Considering the year and the engine I was OK with that.
As far as the question you ask about the 318 and the length of time it was produced. Money is the answer. The 318 was no better than the 350 Chevy or the Ford 302. In fact repair history on those engine would make it #3. If they had replaced the 318 it would have meant a lot of money in research and development of a replacement. Plus the added cost of switching over production. They kept it because it was an OK design and the cost of replacing it. But bottom line was MONEY.
A reporter in the 90's interviewed some retired Chrysler engineers individually . When questioned about unreliable transmission all of them said the same thing. Better designs were rejected by the bean counters. On electrical issues they all complained that when they said this circuit needed to be 12Ga wire they would be over ridden and 14GA would be used. And it was all over money. Many of them expressed anger because they said they could have done much better, but because of the need of a pay check sucked it up and continued to work.
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Today's Featured Article - Third Brush Generators - by Chris Pratt. While I love straightening sheet metal, cleaning, and painting old tractors, I use every excuse to avoid working on the on the electrics. I find the whole process sheer mystery. I have picked up and attempted to read every auto and farm electrics book with no improvement in the situation. They all seem to start with a chapter entitled "Theory of Electricity". After a few paragraphs I usually close the book and go back to banging out dents. A good friend and I were recently discussing our tractor electrical systems when he stated "I figure it all comes back to applying Ohms Law". At this point
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