To give a somewhat more technical answer:
When Carter was still building the AFB carburetor, they built 505 different for different applications.
For basically stock Chevrolet engines, Carter recommended the following:
265 (warmed over) - 400 CFM (9400s/9410s)
283 (stock) - 400 CFM (9400s/9410s)
283 (high performance street or mild race) 500 CFM (4758s/4761s)
327 (stock) 500 CFM (9500s/9510s)
327 (high performance street or mild race) 625 CFM (4759s)
350 (stock) 600/625 CFM (I forget the number for the 600/9625s)
350 (very high performance street or mild race) 750 CFM (4760s/4762s)
All of the above are "square bore" carburetors. None will fit the factory 265 or pre-1961 283 intake manifolds without adapters. The 9400s/9410 will, I believe, fit the 1961-up 283 factory intake; no others will.
Carter had other recommendations if the manifold were switched to a "spread-bore" (ie Q-Jet style) manifold.
Installing too large a carburetor on any engine will kill low RPM air velocity, thus requiring an overrich mixture. If the engine has been modified with compression, cam, ignition; the larger carburetor will permit a higher RPM, thus more power at the higher RPM.
This article discusses several of the various CFM rating systems:
http://www.thecarburetorshop.com/Carbshop_carbsizesandCFM.htmCFM requirements for a multi-cylinder four-stroke engine of at least 4 cylinders at a volumetric efficiency of 100 percent may be calculated at any RPM by the following:
CFM = (RPM times CID) / 3456.
I thought I had the explanation for this on our website, but it currently isn't. It will be!
Jon.