no, starting wit a new goodwrench 350 would be moving forwards, new block (your block is stock anyway, just old and worn) they have a LOT more power than the lump in yours at the moment..
they also respond very well to a mild cam and ally heads, well over 330BHP just by bolting on those things at a later date.
one of the guys in the US is running exactly that combo, through a TH350 auto,and is running mid 13's