is there really no replacement for displacement?...

Like so many have said, depends on what you are going for. When I first got my 71 Swinger, I wanted a hot rod that not everyone had. It had the /6 that was not running. I went out and got a 360 and trans from a local yard. Before I pulled the / I wanted to get it running so I could sell it easier. After I got it running and started to drive it around I really liked the /. Afterall I wanted something different and the / fit the bill. I was\am not going for a race car. So I sold the 360 and used that money to start on the build up of the / and car. Now its got an Offy 4bbl intake, 390 Holley, header and a 8 1/4 sure grip rear with 3.23 gears. I now have a spare motor and when funds are ready I plan to have the head work done and slightly bigger cam for a little more fun. Although its not ready for any show I have taken it to a few and some cruise ins, and I get a lot of people suprised by the /. So it gets looks and makes em wonder what they don't see in the car.
If you wanna hot rod go with the V8. If you want it different keep /6.