I have a 74 351 block done this way. Cam cost me close to 300 bucks from comp (custom grind) I have a stud girdle, forged crank, carrillo rods, and forged speed pro pistons. Turbo is a 76 mm. I made 608 on the dyno at under 5500 rpm on less than 10 psi of boost. That was with the base tune on a very hot day, close to 100 degrees. From what I''ve been told from the guy that put all this together for me and many others who think they know a lot about the subject, I could easily make 700 plus hp with a better tune and more boost...this is all on pump gas by the way. After driving the car for about a week now, I decided to keep it around the 600 mark, keep the boost low so the setup last me for a while. I'm not really planning the car for drag strip use. From my first week back in the car, 600 is plenty for street use, and enough in a fox body to have a hell of a time at the drag stip too. Hope this helps.

 

You have to throw in the tuneup scenario on every statement you make because some smuck will say they split a windsor block at 450RWHP - nevermind the fact that they were running 40* of base timing and no retard..or they were running a 13:1 A/F at 20 psi..
You are right - all of that machine work is NOT necessary - but the one time you didn't do it and had a rod that got past Q.A. with a .001 undersize big end.. or a crank that had a journal +.001 all of that machine work would pay off since it would potentially save you a ton of money in burned up parts or a ruined block.
I guess you were running a stock 302 based block? As you are most likely well aware - they can't compare to a 351 based motor like we speak of in this thread! I have yet to tear up ANY 351 based motor from too much power... Now - I have needed to re-line hone the block from main cap walk due to detonation..but this motor is still going after thousands (literally) of 1/4 mile passes. (it's a roots blown alcohol carb'd bracket car).

 

Thats how I grenaded my 93 Lightning engine a couple of weeks ago. Bone stock engine with 211,000 miles and a T70 turbo, wastegate backwards and saw 27 psi before I could lift my foot . . . looks like a stick of dynamite went off in the crackcase.

 

That sounds like a weapon of mass destruction...

 

LOL - Boost Controllers a.k.a. Stick O' Dynamite!