With a 3.54 or 3.70 rearend gear, I would compromise on the engine specs and let it pull a little higher. However, with the 3.07 gear, I'd aim for a lower powerband.
Building an engine to pull to 7000 is absolutely pointless if you spend most of your time at 1500-2000 rpm. You may think that it would be more fun and enjoyable to watch the needle peg on the tach, but an engine with more torque and a more usable powerband will feel much stronger to you.
As for the 331/347, it's going to be much more cost effective for you to go this route and there's no use in passing up on cubic inches. You can't tell what size an engine is by looking at it, and we're all driving replicas anyway.
Keep in mind that a nice street engine will make about 1.4hp/ci. If you add almost 50 cubic inches to that 302 and increase the stroke by almost one half inch, you're going to gain about 65hp and probably almost as much torque. There's no reason to pass up on that and it will help offset the lack of bottom end that the 289/302's have, especially when you're trying to pull to higher rpms.
By the time you pay a machinist to grind a crankshaft, recondition rods and fit them with good fasteners, you're more than halfway to a brand new stroker kit.
So.....compromise and move on.
