Over the years I have built quite a few SBC engines for customers and myself, but the 350ci configuration would be the cheapest to build and a good allrounder. There are so many rotating assemblies out there from quality manufactures which generally makes them the best bang for bucks. I am currently running an injected gen1 383 in my hatch which makes a tad over 500hp and 503lbs torque. However the 383 is a bit of a tractor engine with the high torque output from the longer 3.75 stroke. To get any N.A petrol engine to produce good HP you need them spinning a bit quicker, around 6,000-6,800 rpm, 383/400ci cranks are generally externally balanced cranks and don't like seeing much over 5,000 rpm.
You can internally balance a 383 rotating assembly but it does cost considerably more. I like to fine balance any engine that spins more than 5,500 rpm. The piston speed is also considerably higher than at the same RPM of a 308 or 350 so you will need quality pistons, rings and rods. Everyone wants more power from their engines so the thinking is always to go for bigger cubes. Yes correct to a point, the 383 needs good air and fuel flow so good heads, manifolds (inlet and exhaust), cam (must be small base circle cam) and fuel system need to be carefully chosen for you intended engine output. You need to choose correct matching parts to ensure reliability and performance. I would start by deciding how you want the engine to perform and the power output range. I always prefer to build engines for mid performance for the street. Big cams and double pumper carbies for the street can be a real bitch driving around town, and low speed performance diff ratios are a pain on the Hwy.
Don't rule out some alternative SBC combos for 4" bore engines. I have had some amassing results from 327ci 3.25 stroke and the 302ci engines and are reasonably cheap to get good results from. In 4" combos the 327 is my favourite and feel much more powerful than the dyno indicates. They get through their revs so much quicker and feel very lively you think whey were putting out much more power than actual, and in a light weight car like the Torana I reckon they are well suited.