The 70's HO was a horse of a different color. The 351HO ranked #1 among all bone-stock production Mustangs in 1/4 mile time for many years, even though it was in the biggest and heaviest Mustang ever made.
The later "HO's" are what's mentioned above. Just a truck motor with a 4BBL carb. I have had 2 of them. Just your basic emissions-clogged 351W, that's all. Bone-stock to bone-stock, I'd take a "plain" 1969 351W over an 80's "HO" any day. If you want to buy a "dead" 351W and do a performance rebuild with some aftermarket heads, it doesn't really matter which W you get. Any rebuilt 351W from 69 to the late 80's will produce identical power with equivalent performance modifications.