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I think the important thing if you go with a 385 series would be to use as many aluminum parts as possible to get the weight down (heads, intake, water pump, etc). That would probably be step 2 after making sure it will fit in the engine bay.
Nice thing about an FE is it is actually reasonably compact for a BB engine and depending on how far you go with aluminum components (nice that aluminum blocks are available) it can actually end up pretty light weight. Even an all-iron 390 is lighter than a similar BB Chevy or 385 by quite a few pounds. Bad thing is they have a few oddities in their design and assembly to deal with.
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