Well, there is another choice in an aluminum ford big block...
C and C MotorSports
Shelby now offers a 351 aluminum block as well... (if a "medium" block will due)
The FE will produce quite a lot of power, but it's a wierd design that Ford was about 10yrs late in updating. (lack of quench heads and a weak bottom end)
But like everyone has said even 600hp (very do-able for the FE) is a challange to keep between the ditches.
I like Cosby's description in that video from the tonight show "the cops ran away from us!"