You'll never see 400hp on an all motor 2V for $4,000....so get that thought out of your head right now. There is no amount of boring and stroking that can be done to the block that will give you enough displacement to do it without getting really creative and expensive with the top end of the engine. That being said...if 400hp is all you're shooting for, most of the off the shelf 2V blower kits will get you there. One of the popular centrifugals or the
Tork Tech Inc. is probably your best bang for the buck right now. Check out this months edition of 5.0L Mustang and Superfords. They made 399rwhp and like amounts of torque with their basic intercooled set up.
And to clarify, a 347 is a pushrod engine and as such will require an entire new engine, transmission combination as well as ignition and fuel system set up that will go through your $4,000 long before you hit your goal.
Stick with the power plant that you've got and build from there. It'll be a lot less expensive and far less frustrating that starting from scratch....especially for someone like yourself, who sounds like a real novice to the modification world.
You've got to remember....a 400hp car and an 800hp car, aren't the same vehicle. Even though a few base components might be the same, they're built completely different. 400rwhp is enough to get you well into the 11's. 700-800hp will bring in deep into the 9's and even 8's....but you're also looking at $40,000 worth of work, on top of what you paid for your car. Your drive train is going to end up costing you as much as the power plant in the end, so I hope you know what you're in for?