400 hp (and related torque) should be handleable by any in good condition
You ran into the weak part in the system and most expensive to upgrade of C3 parts.
The IRS is excellent in control - handling - and even in planting the tires for take-off compared to regular live axle set-ups - up to about 500-600 hp.
Past there and you start doing what I did to my left rear (not the torque wheel even) and break first outer U-joint, then inner U-Joint then half-shafts then outer axles....you get the idea.
(In my case my rear driver wheel broke off when the axle cut in half from a seized inner bearing I never even heard....)
The normal IRS third member is either a Dana 36 or Dana 44 equivalent - you can get weaker, but not easily.
Feel happy- that the Dana 44 is stronger than the late C3 or C4 aluminum thing or even the C5 transaxle, but any four-wheeler would tell ya' it's the first thing they'd take off and upgrade (especially on the front of a Chevy.)
I wanted as strong as possible so i went with something of absurd cost - a custom 12 bolt IRS made by Tom's Differential. But this is not necessary unless you are building up an insane small block or healthy big block with huge meats.
You're kinda lucky in that the main driveshaft and it's two UJoints do not fail often. After all, the driveshaft doesn't move hardly at all - just slightly when the vehicle is suddenly accelerated and the the nose of the differential moves.
There are 2 general axle kit upgrades - the 1350 and the 1480. These replace the half-shaft, the U-Joints, the Outter and Inner Axles. They are mostly bolt in replacements, except the 1480 which require alteration of the differential case for the inner axle.
As the other poster mentioned, all sources say just going to the 1350 setup really buys you an enormous amount of safety. The 1350 parts, which largely refers to the thickness of the material of the half-shafts (0.135") from what I can gather, as well as bettter bolt up systems on the UJoints and thicker webbed flanging on all involved parts, are just much better than what was available from the factory originally.
No matter what you use though, nothing substitutes for frequent inspection and being critical when hearing a strange driveline noise. You really
don't want your rear wheel passing you on the highway at 80.