Welcome to CAC!
Putting a 427, or any big block for that matter in any C3 shark, is doable! There are several people here who have done just that. One extreme project you can research here is 69MyWay's 69 Vette named Killer. He went into detail on how he went about building his Vette--engine included. Another is Grooveyjay's 79 Vette. You can search these forums to find out more on their projects.
I am doing a frame-off on my 78 right now. My plan is to build a big block for it. I have not totaly settled on how I will build it however, I have a ways to go before I get to that point. I am still working on the frame. As far as the trans, I was planning to go with a Turbo 400, until I read some posts from the guys who drove to Bowling Green a few weeks ago. Based on their experience, I will be going with an overdrive of somesort, whether 5 or 6 speed manual, or overdrive auto such as a 700r4. It really depends on which trans I come across first and what kind of deal I get.
To put a manual trans in a Vette w/ auto, you will have to weld a bracket on the frame to accomidate the clutch linkage. Another option is to install a hydraulic clutch linkage, in which case you don't have to do any welding. Chris, -69MyWay- did this with his Vette.
You might want to check into you local emmisions laws before investing in sidepipes. I live in Texas where once your Vette is 25 years old, which the 78 now is, we are exempt from emmisions.
One of the first things you might consider getting is the Assembly Manual for your Vette. Also, you can get free catalogs from Eckler's, Mid Amercia, Corvette Central, Zip Products, and Paddocks. You can find their websites through a seach on Google. If going with a big block, you may need to get a really cool hood to clear the motor, such as an L88 hood. Ecklers sells these, as well a Vanacors. Both companies have their own molds, so they are made by them, not bought elswhere, then resold.
Keep us updated on your project, and post pictures.
Bill