Not necessarily. The tall deck is a good engine, especially if you want to build a stroker engine. You could put a longer stroke crank, or have the original stroked at the machine shop, and pick ip alot of torque and hp and still keep it on pump gas. The only real major hangup would be any parts that rely on the block hight/width, such as the cam drive, intake, pushrods, and the distributor. Only the intake might have some availabilty issues. Check out Summit or Jegs. You should be able to find parts there for hopping up that block.
As far as a space issue, it shouldn't be much different than a standard big block, might be a little better on the exhaust side due to being higher. Before you redo the block, strip it dowm to bare block (easier to handle) and mock it up in the frame to see where there's any clearance issues so you won't have any surpises.
I guess what I'm trying to say is go for it. You can make a good steetable torque monster with that block, and as I said, keep it on pump gas.
