I've had a similar thought going through my head as this and Brent's build.......only with some changes.
~Run a standard 390 block, 4.06 bore or so.
~361T steel crank, offset ground to hopefully a 3.3" stroke (I'm not sure how much those cranks can take).
~Combination would be somewhere between 340 and 350 cubes
~Long rods, 6.8" or even 7.1" if the pistons aren't crazy
~Proport Edelbrock heads, ported with very small ports
~Not sure what intake, fuel injection though
~Turbo
The goal would be to make a 500 horse gas sipper motor that could go in my Galaxie for road trip use, and maybe even the power tour? The gas mileage would be the most paramount design consideration, power output would be secondary.
I like seeing this small displacement stuff, it keeps my mind churning.