With a Properly matched compression ratio, and gears your combo will fly. Nevermind how much absolute power it makes.
And nevermind about the SG/posi argument;it's been raging for decades.
The 383 is a short stroke/big bore design, and needs to be wound out to make the number. The 274 will help you to your goal.The rest is in the heads.Make sure she has adequate spring pressure to keep the valve train from going crazy, and install a rev-limiter. Then have fun.
One of the reasons to forget about the absolute power number in a street car is because you don't get there until around 50 mph with 3.23s.And the speed limit is likely to be a lot less,when you drop the hammer. And even on the hiway,you still have to get to 50 where the power starts.
For a streeter, a strong torquey bottom end is far more valuable than almost any absolute power number at 5500 plus rpm.400 ftlbs at stall, trumps 400 hp at 5500 easy. Unless you can't hook 'em, then it's just big fun to smoke the tires all the way to the speed limit. But you won't be showing too many guys your taillights with that strategy.