I think you will be hard pressed to get 50 horsepower, but there is likely something in there. I like the idea of an 850 and was right with you until you said 50 hp, that's a big number
My opinion is that it will take more money to get as much as you want, especially with a 434. What you did with the juice already is the smartest way IMHO and keep in mind, it is providing oxygen so the carb is probably not an issue at WOT
That being said, I think the car would be very happy with an 850, I think a modern EFI would make it very fun to drive and well mannered. However, I think if you want more power, there are a couple of more expensive routes to take. A couple of examples, but there are many
- work the heads and intake and your bigger carb idea
- work the heads and to a victor, lash it as tight as you can
- work the heads/intake and add cam and gear
- add more nitrous
BTW I really like that car, and I remember your careful build when you did it, it's reliability and performance shows how good your work was.