Yeah, the IRS setup isn't ideal for hard launches anywho.... not really intended to be a drag car.
500-550hp is easy to get out of a BBC, so you should be fine as long as you have a decent set of factory heads to begin with.
I was talking with our resident head shop guy at work (long time BBC builder/racer and mostly.... head porter) and we were talking about the cost of making a 620-650hp BB Chevy and a BB Mopar. As for the Chevy.... and after a lot of thought, he said he could build/assemble one for the $2,500-3,000 range. Mind you, this means all shop labor is free, so tack on another $800-1,500 there, as well.
Over the 650hp mark is just begging for aftermarket heads vs. ported stockers.
You see... about 15 years ago, our shop built a very stout 440 for a co-worker (office guy) for his '68 Dart. Car was pretty stout and ran 6.5s in the 1/8th (mid 10s 1/4) It made 620hp on our dyno, and ran a set of 452 stock cast heads (highly reworked with OS valves) mechanical cam (.600-.650ish lift) with decent valvetrain parts, single plane, stock rods (yikes) and stock forged crank with the bottom end using ARP studs and of course, forged pistons. Pretty good results for mostly stock parts.... and of course, the same can be had with the BBC even on less cam/compression as the heads are (hate saying this) more superior in overall flow than the 440's are.
So... 550 streetable HP is not far fetched with the 427