Ok to answer your questions in order:
It could have either a 2 or 4bolt main
Lots of 454's can take a .125" overbore, but not all. The only way to know is a sonic check. All 454's can go at least .060" over. Only go as much over as needed when rebuilding, usually .030"
It would be fairly cheap to get 400hp. It should have oval port heads, so a good rebuild using 9.5:1 compression, a cam with about 230-235*@.050 duration, 2.19/1.88 valves in the heads,a RPM intake and 1 3/4" headers should get you 400hp.
Steel is better then cast as far as most everything is concerned.
As for a fair asking price, I have no idea. Way too much unfortunatley [for people like me!]
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-78 c10 short/step: 388cid, M20, 5/5 drop, lots more. Playtoy and first vehicle.
-98 c1500 x-cab: 5.7L, 17" rims, 5/6 drop, flowmaster, helper bags,NBS rear disk brakes.
-02 Suburban 4x4: leveled front
-CBR600F4i, CBR600RR, CBR1000RR, and standup skis
DISCLAIMER: I cant spell for the life of me.
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