It depends on how you want it to drive.

There are single disc clutches that would support that kind of horsepower, but they have the possibility of chattering.  The RAM Powergrip HD in an 11" Long would work perfectly fine, give you some "safety factor", and with a light car and a lower rear gear, it would probably be very streetable.  However, there's always a possibility that it could chatter....that's my disclaimer.

If you want something that drives like a Honda, then a twin disc, like a McLeod RXT would probably be a better choice.  The RST is not a good candidate for a vehicle that will be raced, so you'd have to pay a few hundred more and opt for the RXT.

The flywheel will be your personal choice.  IMO, I'd rather have the extra weight of a steel flywheel if you do a lot of light-to-light driving, or if you live in an area where you'd have to take off on a hill, or if your driveway is inclined, etc.  The aluminum flywheel will not have the rotating momentum that a steel wheel has, and you will find yourself slipping the clutch to get the car going.  I've used both in my own stuff and I prefer the steel.

You can get the Federal Mogul rod bearings as well, with dowel holes. 

Don't let that stop you....

If you want a custom camshaft, any of us (Barry, Blair, Jay, myself) can spec and send a camshaft to you.   If you also decided that you wanted Oregon Cams to do one, you could have it shipped to me and I can forward it to you. 

Keith finally had enough of it and sold out....

One of his guys that worked for him (Lance) bought him out.  It's now called "Craft Performance Engines". 

Keith is building houses now....no kidding.  Started a construction company and titling business.

I think it would.  Look at all the GT500's, Vipers, etc. out there running very low ET's and making 1000+ hp.  All those cars have the OEM version of that Mag T-56.

However, thinking about the cost and thinking about how consistent it would be, I still think you should stick with the slushbox.

A T-56 behind an FE takes a good bit of work just to get it to bolt up unless you're willing to go with all-hydraulic actuation.  You're gonna be in at least $800 just for the bellhousing itself, as you take a Quicktime FE/T-56 bell and make it SFI approved.   I don't necessarily know if a Soft-Lok or similar would work for you, you might have to go with a hipo twin disc.  Either way, you're looking at $1200-$1300 at least there. 

The trans would probably run $4000+.  In a heavy drag racing application, I'd be tempted to face plate the gears or pro-shift them. 

It's dry.  Some guys do it on a lathe, some guys do it on a crank polishing machine. 

As for the rod journals, yes, it's possible for an FE rod journal to be taken down to a BBC size.  However, a lot of crank grinders can't or won't, because you end up grinding a lot more than journal surface.  You have to widen the journals as well and that eats up a lot of grinding stone.

Find out if your guy can do it first off, then get a price.  It will be more expensive than the old 10/10 deal.

It's for sharing information but there are some things that we don't feel like sharing, or just don't have the time to sit down and type out a book. We shouldn't be called out for that.  Plus there are instances where we just don't want to put up with the drama, cause we all know that our uncle Roscoe's cousin's roommate knows more than we do.