I guess in the end it's all gonna be what you are willing to go through to set the car apart from the next. While it isn't as common, even a 4v swap is getting done to a fox more and more. There is a fair amount of technical expertise required to do it, as well as the capability to fabricate what can't be bought.
The build integrity of the Mach1/Terminator engine is it's strongest asset, as once you start forcing air into it it will already be capable of putting out, and withstanding way more HP than a stock block windsor will ever be capable of.
As to the rear tire question.....there's no substitute for meat. The more meat, the better. Again though it will be all about what you are willing and capable of doing to put that meat under the car. A "bigger than 275" bias tire will really require a minitub, although I'm sure there will be those few that will chime in and throw in their 285's or even 315' fitment examples w/o a minitub to muddy up the water, a minitub is a fairly extensive undertaking.
Even if there are examples of that, I prefer the room and the look that you get from a minitub compared to the mangled mess the BFH and a baseball bat leaves behind.