361 engine specs

That would be expensive to do but yes. The cost of pistons would be very expensive. You could still do well at 361 cubes. The small block 360 can generate some very respectable HP with there stock 1.88 valves and and better with a 2.02 valve. The 361 has larger valves in a better flowing head. Porting the head can really improve the performance.
Without bigger valves.

Your biggest challenge, again, is getting pistons that offer a decent compression ratio. Keep it under 10-1.