I also have a 351 W / 385 hp. crate motor in my BDR #291.
I am running with a 6000 rpm chip & often hit the rev limiter at about 5800. I put it on a dyno and found that, as stated in comment above, the torque and HP are dropping way off at that point even though the engine "feels" like it wants to rev higher. I plan to try a 6400 rpm chip, just so I don't keep bumping the rev. limiter.