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You might want to check out this thread. In there, you will see that a solid 600HP (@ the crank) is very reasonable. You will be surprised at how streetable that could be as well. Let me know if I can help you make a decision.
I actually already have a 408. Here are the specs.
The motor.:
6.0 iron block
4 callies crank
eagle rods
diamond pistons
ATI damper pulley
Absolute speed heads W/ 2.08 1.60? valves flow 325+
custom ground cam i believe its a 244 248, 61x 61x 114
Comp r lifters
Hardened push rods
C.R 11.6
90mm fast intake and TPIS 90MM TB.
38# injectors
Granettelli maf
Racetronix hot wire kit with 255 pump.
LG long tube headers W/ X pipe 3
Corsa exhaust
BPP vortex rammer intake
The trans is new with motor it is a Rodney built M6
DTE strut brace on the rear
Eastcoast supercharging built 3.42 rear W/ hardened shaft
Spec stage 3 clutch and flywheel
It made 499.9 in 40 degree weather. Could the weather have caused the dyno to correct for the temp and show a lower hp number. If not what can I change or do different to make that kind of power in the other post. Any advice would be much appreciated.
The #'s I posted are Engine Dyno results. So, you can figure ~500 Rear Wheel HP. 600 - 15% = 510RWHP. Sounds like you have a good setup. You just need to see what that bad boy will run.