Funny you ask. I've been considering it for a long time. I think that a 351 Cleveland will make more power for less money than a Modular. Consistently. However, the reliability and driveability can be much better. No distributor roll pins to shear off, etc.
I've looked into actually swapping in the new 5.0 liter coyote engine from the 2011 Mustang GT. If you look back on the threads in this forum, you'll find a thread about that motor. It makes well over 400 hp and has just shy of 400 lb-ft of torque. It revs to 7000 rpm willingly, and could do that consistently. It's available from Ford Racing as a crate motor and you can get a support package that includes a computer, simplified wiring harness, MAF sensor, drive-by-wire throttle, etc. As I wrote before, the motor mounts, 8-bolt flywheel, and bellhousing pattern are the same as a 4.6. The two big issues are fitting the engine and the potential for the passenger side head to rub against the wheelhouse sheetmetal and for the 5.0, the forward-mounted throttle body. The new coyote is superior to the old 4.6 in almost every way, so that's the direction I'm considering. Just gotta work out the throttle body. If you look at the pictures of the manifold, it looks very possible to flip the manifold around so that it exits at the back of the motor. The intake appears to be symmetrical, and no coolant passages.
Now, the Cleveland will have a true aftermarket EFI manifold available soon from Trick Flow. Mass-flo has a simplified wiring harness for the old EEC-IV computer, etc. The Cleveland can now be fuel injected cheaply. It kinda takes the lure from the Modular, but the new 5.0 coyote is very tempting still. Bosswrench will argue that you don't need more than 400 to 450 hp in a Pantera as a streetable car, so that motor seems like a great way to go (if you can make it fit).