If, and that's a big IF, you drop in a iron block 427 L88, you will have a tire store ass your best friend.
A real L88, is a monster to drive on the street.
If, you do it, run FI and a computer for the timing.
Headers, are a must and a nice high rise will do wonders, even with a plate system for your FI.
See if you can get the factory headers for that install.
Keep us posted and better have some pics, when done. videos of it on the track will be nice.