Id use the factory crank and rods with good prep and ARP fasteners, and a good forged piston such as SRP. No less than 10:1 comp for me. The short stroke will like the compression, if not a little more than 10:1.
Id be using a factory closed chamber oval head with a little bowl work and work in the chambers to unshroud the valves if necessary.
Performer rpm intake, 750 double pumper carb, and a 1.75 header.
If you want as little maintenance as possible and good reliability, but still having power... Id consider a hydraulic roller setup.
Howards cams has some very good looking cams. I dont remember the exact specs off the top of my head, but one is a bout 230/236 at .050 with either .600/.600 or .620/.620 lift. They have one thats maybe a hair milder at 228/234 with .580ish. These are similar to what Im looking into for my 408(402 based).
I'll be using the GM ZZ502 cam for now. The cam is on the way and just ordered the morel lifters from Chris yesterday.
The rest of the stats on my 408 build are very similar to what I have listed above. Right now its a hydraulic flat tappet motor and the cam is healthy, but plenty streetable.
As is, it runs very very well and is a fun street motor. I expect it to be stronger yet with the roller without throwing street manners out the window.
If you wanted to go cheaper on the cam/valvetrain, I WAS previously considering one of the new lunati solid flat tappets. Its 238/248 at .050 with roughly .585/.585 lift on a 112 LSA.
I think that cam would rock in a 396 based street build, but I went a different direction. Decided Id rather go roller.