Well money no object, you'd get it modified to run on nitromethane and a custom OHC setup, custom CNC'ed titanium internals, the biggest turbo in the universe, a camshaft that opens the exhaust valve about 1/2way through the power stroke and intake that opens before the exhaust stroke starts so you can get the power band at maximum rpm - about 12 - 14krpm.
I'd say you could get about 2000hp. (You'd need a DART block) It Would cost a crapload, a crapload to run, and couldn't be used for anything else but circle work (either doughnuts or circle-track racing).
On the other hand, you could get around 600 with a good forged build and a supercharger or turbo(s).
If you don't want to supercharge,
Blueprint
Forged stroker internals
high-volume oil pump with external priority mains feed
shaft-mounted roller rockers
beehive or dual springs
titanium valves, retainers, locks
mains girdle
windage tray
nice heads (AFRs spring to mind)
4-1 extractors
solid roller lifters and cam
Aluminium flywheel
distributorless ignition setup (cam sync plug, crank sensor, 8 coil packs in a wasted spark setup)
a huge single plane intake manifold with a huge carb
or Weber IR throttle bodies / IR fuel injection
There's a heap of things I've missed, but so far my dream buildup costs around 27000USD for parts, no labour. Of course it's more exotic, not designed for pure power, more for longevity, power and customness - IR fuel injection, distributorless ignition, aluminium block, zero imbalance crank... I could send you a text or html file listing it, it's a bit hard to read like that as it's mean to be in a structured format, but all the info is still there. The same basic things could be applied to a 351W for MUCH more power - I believe even with shaft mounted rockers the limiting factor to RPMs is the valvetrain - so a 408 stroker built right would have no troubles at 7000rpm.
Oh and if you want lots of power, and money is no real object, you'll get more power from the 351W block, as it can be stroked more, but with an aluminium block it would still weigh less than an iron blocked 302. Wack some turbos on a 408 built right and I'm sure you'd have a 7000rpm 1000hp monster with pretty good driveability and relatively good fuel mileage. (for a 408W)