I've been thinking about this because it raises an interesting question - why build an FE to begin with? I know there are serious builders and racers on this forum - I've relied on you for good advice on my mild little project. They are one class of enthusiast. I think once you have gone as far as some of you, including Jay, in pursuit of the maximum the engine architecture can yield, there must be a desire to push past the design limits. I had never heard of anyone changing the bore spacing before I learned Jay had done it. It may not be that unusual in serious racing circles, but it seemed pretty interesting to me.
I am curious why the FE appeals to the racing community, to me the appeal is largely nostalgic. The 427 is iconic, and the SOHC is (to my knowledge) the only engine ever to draw a sanction from NASCAR. I have no interest in today's homogenized NASCAR vehicles. They are not as fast as they were in the sixties, and they bear no resemblance to the car you can go and buy. Hell, most of the actual cars are FWD but they race RWD cars.
For me, I had wanted to build an FE since I was a teenager 40 years ago. I never wanted to build anything else. Thanks to the very good after market parts now available, it was a lot easier for a lay person. Most people like me didn't have the detailed knowledge of FE parts, or access to places where they could be found (you can't hunt parts at swap meets where there are no swap meets).
For me it was a little important to start with a period block, but given that I have aluminum after market heads and intake, a modern cam and crank, etc., originality was not that important. I would have been very happy with an aluminium 427 block as a starting point. $4,000 would have been a little more than I spent on reconditioning my 390, but if it came ready to assemble, it would have been an attractive proposition.
For a nostalgia builder the new block would be a good alternative to finding and re-conning an old block. As for the intake and heads - 700 hp sounds better than the 550 I hope to see, but what other complications will they present? BBM, Survival, and others offer packages for those of us with fewer skills that more or less bolt up.
Once I have survived this project, I might want a big cube 900 hp street motor, I would have to find another vehicle first. Would I have started with an aluminum 427 block? Yes.