Jeff if you are serious about a 327 you can get that kind of power. You will want to start with a 68' or later block as these had larger journals, many with steel cranks and were a lot stronger. Go .010-.030 over and invest in a good set of Hypertunic pistons(10.5 to 1=93 octane / 9.5 to 1 for lower) and cast rings(chrome molly are for serious racing and have a tendency not seat correctly). Spend a little bit and have the entire rotating mass balanced, this is key to and engine living a long life. Use quality bearings and a roller timing chain/ gear set with a high volume oil pump. For the top end you can save a little money and opt for a set of 95'- 97' Chevy Vortek heads, they breathe well and are around 62cc chambers. If you want to open up the intake and exhaust ports just matching the gaskets should be enough. Choose a good mid range roller cam and lifter set, keep in mind that a roller cam makes more power with less lift or duration. Someting around .485 int and .510 exh, use compatable springs and retainers. Roller rocker really help free up power and work well at 1.6 ratio ( of course chrome molly pushrods). For the intake a Edelbrock Performer RPM with a Holley Street Avenger 670-770, these will make power right out of the box. A DUI electronic distributor is a good choice and allows you open the plug gap up to .060. Use an standard length header with 1 7/8 primaries and good mufflers. You will be able to blister the tires (if you can hook up) and still have a decent street truck. I have close to the same set up in my 59', only with a muncie, your 5 spd should only help. Just swappin' some ideas. :p
