Larry,
i am running a 406 very similar to what you are looking at. the 700r4 is a little flakey when you start applying that much torque to them. besides, a 400 will make so much power down low that you don't want that deep of a first gear, it will just boil the tires to the rims. if you want to stay with the 700r4, swap to a 2500 stall converter, it will make your live a lot longer. i am running the AFR 210 race heads with 2.08/1.60 all CNC machined. i started with 74cc chambers and milled them to 71cc. the crank and rods are Eagle 4340 forged and rod length is 6.0". i am running a Crower cam with 248/256@.050 and .600 total lift with 110 lobe sep, full roller valve train. with 4.10 gears and 550hp you will be looking at the 11's if you can get traction. most of the hotrod books are geared to the in-line grocery getters because they are cheap to start with. most Vettes that are worth building up cost what most hotrod guys invest in their whole car. going real fast at most tracks, you can't run an IR Suspension because of safety rules. smart thinking because a broke halfshaft wipes out the suspension and makes for a dangerous ride. i stay away from electric water pumps, mechanical are much more reliable in my eyes. splayed mains are a must as are steam holes. i highly reccomend the AFR heads, they are the best hands down. i have a quite few ideas for 400 blocks and different builds, and would gladly share what i have learned with you, Brian