347's have that reputation because the pistons are shortened and that causes the piston pin bore to intersect the oil ring groove. Even with the neat little spacer that is supplied with those pistons that's supposed to fix that problem, they don't.
There are a few kits out there that use pistons which don't have the oil ring bisection issue. I'll have to look for the one I'm thinking of but IIRC it uses Diamond pistons and eagle rods on an eagle stroker crank.
To make any good power from a 347 you need much improved heads like AFR 185s. You don't want to go too big on the heads but definitely need better than e7 castings.
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