If you want to build horsepower,use a 350? each will make alot of power, just depend on what you want, the 327 was the first to make more hp than it had cubic inches.
What I am saying is to use the money wisely if you are going to build HP. It is cheaper to build a 350, and the benefit will be bigger for the money. Also, if you want HP, I would think about going to a 4 bolt main....Not that a 2 bolt can't handle fair amounts of HP.
And, I believe it the 283 in 1958 Corvettes that first made more HP (290) than cubes.