Look forward to the build thread, sounds like you have a good group of friends to help out.
I believe 400hp is not unreasonable on a stock block, there was someone ruining a caddy at 600hp with a stock 12v block lol
Think he got a good few miles in before it went bang, if I remember correctly a piston melted.
If your changing rods and pistons I think there pretty safe around 500hp, of course its normally a bad tune that kills a motor or a bad waste gate.
As for welding I'm doing my own, maybe I shouldn't looking at my end results haha.