A lot depends on the condition of the 327 and how you use the truck. If the 327 ain't "broke," then it is generally a good idea not to "fix it." Save the good 292 for another project where you need it. If the 327 is old and weak, then the 292 is a good replacement. If the truck works every day, a reliable, low-mileage, high-torque 292 is an even better choice.
Of course, we like to say that anything a v-thing can do, an inline can do better. An inline just takes more money and time, more thought and skill.
God's Peace to you.
d
Inliner #1450