Basically the same engine "long block" for the 375 horse motors. Detail differences in carb/distributor calibrations for emission compliance. Some differences in the pcv system, in some cases, but more in common than not.
The rated compression ratio was slightly lower, but not enough to make any real difference in power or performance. The larger decrease came with the '71 models. But still plenty high enough to require "premium" fuel. Then the larger decrease in '72.
Not aware of any significant changes in the block castings, other than the casting dates? Or anything that would affect ultimate power production and reliability? OR anything different on the 375 horse motors than the 350 horse motors?
IF you are trying to chose the better one of the two, that might be a crapshoot. For rebuilding, you'll probably end up with a .030" overbore to get the bores cleaned up and all "fresh metal" to finish hone. Replacement pistons will not be the exact same weight as the stock pistons, so a balance job would need to probably happen. So, many "items of value" would be the same, to me. A 440 block is a "440 block", regardless of which one you start with . . . UNLESS you're chasing a particular date code for a restoration project.
If there might be a "HP" stamping somewhere, I believe that would reference what was IN the block rather than it being a better block per se. The Motor Home "hour glass" water passage block is similar, just that the "hour glass" hole in the deck surface is more there for ID than greater water flow. Once the head gasket is installed, the hole becomes a "normal" hole due to the restriction hole in the head gasket itself. IF the motor home 440s used a head gasket with a larger restriction hole, then that hour glass shape might really be better.
You might chose the one with the less miles, but both will probably end up taking the same things to rebuild it. So looking for cracks and such is important!
Just some thoughts,
CBODY67