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The general rule of thumb is up to 400HP , a 2 Bolt Block is fine. After 400 HP ,4 Bolt is usually recommended ...If any kind of Power Adder is used, always go 4 Bolt . The 2 Bolt in your Stock L48 is more than enough ...
I have built 2 bolt engines up to 500hp and they are fine if studded.
The real killer is not HP but RPM.......and shock load if in a drag application. A Drag Car that "HITS" hard and revs high has the main webs moving around quite a bit.
A stock 4 bolt is not much help as the somewhat added strength is meaning less after 7000 rpm and about 600 ponies as the stock oiling system just will not sustain it.....the system can be modified....but at that point an aftermarket block is the viable option.
Actually a 2 bolt makes a better base to add splay caps to as the register is not cut as wide...and the outer holes are not drilled.
This kind stock block modification was the norm until the 90's...when Dart, World and GM all started making HP blocks....(The Dart and World have proprietary oiling....something for another time.)
Even the Bowtie block had to be drilled to allow proper oil volume.
For all intents and purposes....the only thing a 4 bolt GM block is good for is for restoration purposes....or conversations over Crown Royal with people who want to argue.
A two bolt main block with properly balanced rotating assembly and ARP cap bolts will handle 500HP up to 5500RPM. If you are going to add forced induction , rollers, and expect to rev 6000RPM+ then go with a 4 bolt.
Most of the opinions here are a good rule of thumb, but I've seen blown alky BBC 2 bolt main last several years in a bracket dragster. It was a early 70's 1 ton pickup block that was ARP studded and freshened up several times a year. Your combo will really dictate when you need 4 bolt. I've got several friends that race jet boats with two bolt main 460 fords with factory main bolts and a girdle on the mains. They're pushing 900+hp naturally aspirated. But ford has huge main bolts compared to Chevy. Personally, I wouldn't go past 550-600hp on a 2 bolt main big block.