Do I need an SFI bellhousing?

Just to play devil's advocate, I think the old tech flywheels and clutches might have been some of the issue as well. There are lots of new cars out there that make a ton of power with stock flywheel housings, though I'm guessing the stock housings nowadays might be a little stronger. A new Viper will turn 11's in the 1/4 with a stock clutch and housing. Clutch tech has come quite a ways, but peace of mind is worth it's weight in gold. Better to not have to worry about it than to always be wondering "what if it goes?".

I've seen one blow in a 2002 Pontiac Firebird at similar power levels to what the OP is expecting. They totaled out the car.

The cast iron flywheel is more of a worry than anything, however, why play with it? I put one in my own car that only makes 470hp and I have an SFI flywheel as well.