I figured that would be your choice, since you stated you were doing a full restoration. A massaged base 327 (300hp) will match or exceed the L79 version.
The high overdrive 4th gear is going to be a God-send with the 4.11 rear.
Exactly. I will have great gearing for acceleration, but the engine can lope along for freeway use. This thing will only see weekend/great weather duty.