I built one (OK more than one) just like this, except the oil pan was much bigger, the displacement was 417, but it had the Joe hunt magneto and blower and dual 660 center squirter carbs that were bored out to almost 850 cfm each.
Blower was teflon stripped and was overdriven and made 18 psi boost at redline, and the static compression was 9 to one. Crazy power. Broke aluminum rods, so went to chrome-moly mickey thompson rods and broke them.
7800 rpm might have been a little too much but I was 24!