Patrick,
I was faced with a similar choice. I ended up with a bored/stroked 390, internally balanced, Edelbrock heads, Crane Hyd. Roller cam.
Very happy with the choice. My only regret is I didn't use a cross-drilled block. Not for strength but for appearance.
Take a look at
http://webrodder.com/. Search their articles for "fe ford" There are some very good articles on building FE motors
Paul