Jim,
I have seen a custom vortec 4200 with carbs. You have to get an MSD ignition setup. That is as much work if not more than leaving the engine intact. However as I stated, keep the engine fuel injected and have Westers Garage re-program the ECM to make your life easier.
You can do the Mega Squirt route as DIYEFI did
https://www.stovebolt.com/ubbthreads/ubbthreads.php/ubb/showflat/Main/47046/Number/351699#Post351699More info on using the vortec on
http://www.inliners.org/Here is some info on the Buick V8
http://www.aluminumv8.com/tech/tech.htmThere is more information out there. If you want cheap power, you have to go SBC. Simply by shear volume of engines out there, it is one of the cheapest engines to build just short of an air-cooled VW engine.
Carburated LS engines are becoming popular. Simply look to the racing market as this is the Late Model route. However the engine requires a re-programmed ECM. ASA rules dictate a standardized ECM. All that has been removed is the injectors. You still need the ECM, Wiring, and a pile of other electronics (Crank and cam triggers). MSD has a setup that is similar. Talking to the racers at work, most stepped out of Late Model and have gone back down to Mid-Am simply because of the 10:1 cost of building and maintaining the LS vs a Gen 1 SBC.
If you want coolness, then go with the Buick, build it with about 9:1 and bolt on a 471. Polish the block for that extra wow factor. I have built buicks and yes they are about twice the cost of an SBC. You can go to any engine builder and get a 350HP SBC for $1500. You can get your buick heads and intake ported and gasket matched for $1500 (and you havent touched the bottom end yet)
If you want low $ performance, your two choices are carburated SBC, or a late-model transplant (complete with wiring, ECM, etc.) A vortec 6.0 truck motor, wiring, ecm and transmission have been going as low as $2500
Although an alternative would be a 300HP Ecotech (supercharged or turbocharged). There is a GM manual on building Ecotechs up to 1000HP (available on-line if you want to download 80 Megs). However 4-cylinder building is double V8 building prices.
Scott