I was thinking that too. Then I thought I'd look for things I could do with a Cad500 when I get one, and I figure
$250 for a usable 500 from a junkyard
$250 for an Edelbrock performer intake
$500 for 10:1 pistons
$450 for cam, lifters, valvesprings
$200 for a good set of headers
$200 for a carb, or maybe keep the good old stock Qjet and clean and tune it.
With those mods, I'd expect the Cad to hit around 410-450hp with 500+ torque. The cost would total $1850, so even if it didn't hit my estimated power, there's enough money left over to put a good nitrous system on there for an extra 150-250hp.
I don't know if that setup would be better than a 350 though since I haven't looked into 350s much.