well i personaly think that you shouldnt knock down you cubes on something you wanna drag race. the 302 wasnt made for the drags it had no torqe under 4000rpm. and tore is what you want out of a drag car. the 383 sounds right for what u want.

personaly i want a 302 or A 400 with a 327 crank in it and long rods(348ci). but i dont wanna drag race i want too see how close i can mimic exotic cars like the porshe on the oval useing a domestic car and aftermarket parts. id put a paxton tubo on my 302 to help build low and mid range torqe which is this engines biggest problem.

also the short stroke and long rods mean less piston speed and less engine wear and high rpm this is why i think it would be good for a sports car but the drags i dont think so.

if all you have is the 327 block then id use a small journal 327 crank these were great cranks better then the large journal 327 but this way you'll get a bit more torqe and a better 1/4 mile that 383 though is still by far the best thing for you. or if the 1/4 doest seem so great any more stick a centerfugal super charger on the 302 and build the bottem end up then burn down the highway at 7000rpm doing 160mph hells yeah