There are 2 advantages to a big block. You can do mega cubes 550+ for monster power and torque with a single 4 barrel and no power adder.
The other is sometimes you can get them cheap (or already have one). Clean them up, put a cam, intake and carb on there and have 500 streetable horse power. Plus you can throw a 200 shot on there with mostly stock internals.
The disadvantages have already been covered. But one point on that. 408 with good torque and vert also equals pretzel, so that will have to be addressed with ANY high power application. Even a turbo 302.
IMO to start from scratch, I love the 408 option. Seems hard to beat parts are cheaply available. It easily fits in a stang and it makes stupid power.
PS saw an old volvo motoring down the road yesterday and thought of you M.Y. Not exactly of you, but your sleeper volvo v8!