I think you're plan sounds pretty good. I also think that you'd have to put a pretty small cam in that thing to be near 400 hp. With an as cast SM head and a SFT of any respectable size, you're going to probably even be north of 450 at the crank.
I can't comment on the cast crank. I've never run a non-factory cast crank. The times I've read on here about failures tended to be in cars with a lot more power than you'd be making in fairly severe racing situations.
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-Jason
1969 Pontiac Firebird
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