[Danr55]

If you're going to race it, you're approaching it in the wrong direction. You need to concentrate on performance. If you're not going to race it, why do you need 500+ HP?
I can tell you from experience that the standard FE motor is more than capable of exciting any and all onlookers and it looks just fine in the car. If you want a race car, build a small block car and race your heart out. All of that said, it's your car and you should build what makes you happy. Tha afore mentioned suggestion is just the result of many years driving these cars and more than a few regrets for choosing the wrong path a time or two.
I almost forgot that anything you buy for an FE will cost multiples of the same thing purchased for a small block motor. Believe me, there will be lots of things purchased for whichever you choose.