[tfarhood]

I have a very similar set-up. I bought the 342 Ford Racing short block and finished it out with the Edelbrock Performer RPM package. Edelbrock 2.02 heads, cam, 600cfm carb, intake, water pump, timing chain, and a Mallory distributor. I have a WC T5 and 3.45 rear end gearing. The car is a great blend of fast enough and still very streetable. I can hold my own with almost any Cobra on the street and actually enjoy driving it. On the track, I would have a little more trouble hanging with the big dogs. a 418 stroker would make a kick ass track car. I had it dyno'd on a chassis dyno at 332 RWHP and 341 RWTQ. That calculates approx 420 HP at the crank. Believe me, 332 HP where the tires touch pavement is plenty. I have totally useable fun horse power. Some of those monster engines have what I call SCARRY horsepower, a lot of it isn't even useable.
Good luck, you will definitely like it.