From a purely practical (translation- - -"less expensive") viewpoint, the 292 would make more sense to hotrod than the 270. It fits the same bellhousing as the Chevy V8, and the 292 engine will be 30-something years newer, therefore more available and less expensive to modify. There are lots of go-fast parts for the 292, and at least some of them are shared by the V8's. Back in the late 1960's, a fiberglass-bodied T Model roadster campaigned on the drag strips around middle Tennessee. It was powered by a beaned-up Chevy 292, and it showed its rear end to a LOT of V8 powered drag cars. It ran 3 Weber side draft carburetors and had a lot of internal modifications, but it was a real surprise to its competition.
Jerry

"It is better to be silent and be thought a fool than to speak and eliminate all doubt!" - Abraham Lincoln
Cringe and wail in fear, Eloi- - - - -we Morlocks are on the hunt!
There is nothing noble in being superior to your fellow man; true nobility is being superior to your former self. - Ernest Hemingway
Love your enemies and drive 'em nuts!