I would agree with, "Who wants a 385 when you can have an FE?"
To me, there's no comparison between the looks/appearance and the history between the two engines. Aside of the Boss 429, the 385 series really doesn't have the iconic history that the FE does.
However, all emotional feelings aside, the 429/460 will make more horsepower with less investment.
As an aside point, to be honest, I don't think you can build either one of them with all new parts (not counting the blocks as "new" because you don't need new blocks) for $10k. $10k doesn't go very far these days. However, with all of that in mind, a 352/390 block is going to be the cheapest route but without going to a 4.375" crank, you're limited at 450 cubes. With 428 and 427 blocks being so expensive, if you decide to start with one of those, your budget just took a serious hit. On the other hand, a 460 block is stupid cheap. You could also reuse the 460 crankshaft.
Even if you decide to go with an aftermarket block on the 385 series, the BEST block from Eliminator is less than $3000. That block will support 2500+ hp and is the block I use for my pulling engines.
Everyone needs to set their "opinions" and emotions to the side and just take things at face value.
All-in-all, given a set of AFR BBF cylinder heads, I think the 460 (385 series) would be 60-75 hp over the FE with similar cam profiles, similar compression ratios, similar intake manifolds/induction, etc. And yes, to answer Frank's, question, you absolutely can take advantage of a 400cfm head on the street, as long as the port volume isn't blown out of proportion. There are very few 385 series cylinder heads out there that move less than 400cfm of air. Many of the heads from Kaase, TFS, AFR, Profiler, etc., *start* at 400 cfm. The Profiler heads that I use on my BBF pulling engines flow over 550cfm and there are heads available from Eliminator that flow over 600.
Once a stroker crankshaft is introduced to the 385 engine, then it's no contest whatsoever....not even a remote chance.