Power is a relative term. With the gearing, you'll have enough power to pull something, but so much gearing you won't run 60 mph. Most people are referring to top speed when they are referring to power. Increased speed means you need to increase your stopping power, too. If you change the engine, a gearing change is probably in order, lots of guys here are using the the Dana 70.
I think my deal on a 39 1.5 is going down today, so we'll work through it together. I'll be doing the brakes, too. I'm not a purist, if you want a small block, more power to you (pun intended).
Chris