Mr. Yount,
What I meant by a 347 be faster than a 357W, is if the 347 was at 400 rwhp and the 357W was at 400 rwhp. The 347 would most likley get there first. Quicker acceleration of the rotating mass in the 347. The quicker acceleration of the lighter parts helps the 347 rev faster.
The short 5.4 rod compared to the 1/2 inch loger 351W rods will rev faster, period. This page will help me explain this theory better, although you may have seen it before.
http://victorylibrary.com/mopar/rod-tech.htm
The block is a concern, but most guys will be lucky to make 450-475 N/A HP at the flywheel.
Attention to detail, like a good 5 angle valve job, titanium retainers/valves, file fit rings, rod journals cut to 2.10" or 2.00", CNC machine work, is how some guys can make 75 more horspower than you with similars looking parts.
Take your typical GT40P headed street car with a Cobra, Performer or similar intake, stock cam and exhaust work. Maybe it'll make 300 rwhp if your good. Now Ed Curtis can get lots more than that out of the same parts.
How ?
Attention to detail, most likely he'll run a lightweight 255 crank (the one with the hollow rod journals), lightened polished rods, custom light weight pistons, degreed cam, short tool steel pins that are say .866" in diam) all balanced to 28OZ. Were as most guys will use their high milage stock 5.0 HO shortblocks or an Explorer longblock plucked from the salvage yard.
SW