The key here is this:
From almost fifty years ago
The reason they did what they did 50 years ago, was because that was ALL THAT WAS AVAILABLE AT THE TIME. They did what they could do with what they had to do it with at the time. They DIDN'T HAVE any 4.125" blocks already clearanced for a 3.75" stroke from the factory like we do today.
Do the same things, for the same today-equivalent dollars, to a 400 block, you'd come out with nearer 800 HP.
Given that simple fact, explain how it would EVER be a good idea to resurrect that old small-journal build. Let's say it would take, in 2011, $20,000 (just to pluck a # from the air... doesn't too much matter what the actual # is) to build that 616 HP motor; but for THE SAME $20,000, you could have 800 HP instead, with less risk and less effort. How is it a good idea to build the 616 HP version?
So you go to the grocery store, right... you're standing there at the meat counter, you've got $5 to spend, and you see steak for $5 a pound let's say. You decide, yeah steak looks mighty fine tonight, I'll get some... but I'm "different", and besides I remember how 50 years ago I had some steak and it wasn't very big but it was good, so I'm going to spend my $5 on some steak, but I'll tell em to only give me Âľ of a pound, just because that's what I had 50 years ago and so I can show everybody how "different" I can be. That's smart, eh? Different? I'd say, yes, that's different; "short bus" different, specifically. How is it any different building a motor?
Now if for some reason you HAVE TO USE your "numbers matching" block, like for class rules or some such, that'd be one thing; but if all you want to do is go fast while still running a small block, that's economic suicide.