If you are NOT going to be drag-racing this car (missing a shift with the stick COULD be a worry here), I don't see why you couldn't build an 'honest' 300-325 HP motor from your short-block, as long as you'll drive it sanely.
The motor in my '79 Z28 was assembled 14 YEARS ago, and has literally THOUSANDS of 1/4-mile runs on it, yet it shows no signs of 'giving-up' anytime soon, and it was built with GM/Chevy parts (4-bolt-block, steel crank, 'pink' rods, etc.).
I've shifted it at 6500 RPM, and as low as the current shift-point, 5800 (it goes no faster at 6500; why abuse it?), which produces 12.80s @ 105 MPH ETs. I'd think my useage would rival the 89k miles on your L-48, so, modify away!
If the "numbers-matching" thing concerns you (no offense, but I don't think 'numbers-matching' L-48s will ever be a big-ticket item, the 4-gear not-withstanding), get a new crate-motor.
If you go THIS route, why not step-up, and get either the H.O. 454, or H.O. 502? Now, THAT would be fun!!!!!