u will find that if u rebuild a stock 327 u wont find much of a performance difference vs a 305. Here is my oppinion for a cost affective small block that will pull 7000 rpm no problem.

1.get a 350 block (make sure it a 4 bolt main, dont wanna piss around with a lower quality block.

2. Edelbrock Intake (2800-7200 rpm)

3. Holley 750cfm 4bbl double pumpe

4. Flat top hyperuetectic pistons.

5. Comp cams Magnum Camshaft, Very rough idle model

6. Hooker comp headers.

7. vortec or fuel injected heads (get ported and polished)

8. get a steel crank shaft

9. make sure u send in pistons and everything when block gets machined.

10. after maching send all moving parts into get balanced.

11. Vortec Connecting rods, cheap, tough, and light

12. get some decent comp lifters.

13. u dont want any cheap bearings or gaskets

14. get a TH350 or th400 transmission and install a B&M shift improver kit.

15. get a 3200-3800rpm stall tourque converter

16. get a double roller timming chain

17. get some nitrous, NOS powershot kit

18. get some low gear in that differential, 488's (wont be a fast highway cruiser but damn it would be hard to keep ur head off the back window off the lights)

19. when machining in process get it bored to 355.

20. get some cold running spark plugs (i recommend ZEX 3 prong platniums)

21. a fuel regulator wouldnt be a bad idea (want like 7psi on nos)

22. Ignition Retard is also recommended

an engine like this should pull 7000 rpm and be a beast on regular 91 octane pump gas (premium needed with nitreous), and the best part about this, it wont cost a huge pile of money to build.

i dont think i missed much, just got off work. Hope this helped u out.