Re: 427 or 6.0
That LSX454 will put out a damn sight more than 620hp. I've seen 6.2L based 426's put down those numbers with a 23X/23X cam, lope was noticeable but it wasn't a fender shaker by any means. Induction was an L76 injection, outta the box.
I think the best bang-for-the buck, though, is a stroked 6.0L iron block with good cathedral port heads and injection. I like the 4L80E tranny a lot more than the 4L60E/variants and the factory computer will control both the engine and tranny.
That iron block will take a ton of boost or spray, take your pick.
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