WIth someone that has no idea what they are doing behind the wheel, there is NO shortblock out there that WONT break. You need to learn how to appreciate what you have FIRST and try and treat it with respect. Also, you need to learn how to respect other people and not telling them to just screw off....and then whats worse is you ask for help. You have done that SO many times that im sure you have darn near run out of people that you havnt told to go screw themselves. So yea....grow up some and start acting like the owner of a powerful and wicked GT, instead of some punk kid.
The other thing to consider, is if you need a built TT GT....you couldnt hold your old near stock GT and sent that into the ditch. I couldnt even imagine what that race looked like with you in a S/C GT (bouncing rev limiters, and missing every gear while spinning all over the highway). Do you have any idea how much power 700HP is? Baby steps first...especially with someone who is what 18? Just jumping into all kinds of power is a death warrent, and even though I dont like you much.....I do NOT want to see you get yourself killed (and especially not anyone else).
With that said....ANY production 4.6 BLOCK will hold 1000HP. Blocks are not the issues. Your hole just didnt appear because the block is weak....something inside decided it wanted to see the light of day. Inotherwords, you probably threw a rod. If everything is intact, then it was a casting flaw and its the first time I have heard of any iron 4.6L block failing on its own.
Go ahead and open her up and see what you have. If the internals are good and not damaged....reuse them and have a good machine shop inspect everything and put it all into a fresh block. (best case) Most likely you will need some new internals, as im sure some heat damage was done and maybe even lost a piston. If you ran the car, then all that contaminated oil was pumped through your engine....could have scared the cams, all bearings, and even piston side skirts. You COULD possibly need to replace everything as a worst case. But there is no way to know until you tear everything apart.
BTW....street racing = BAD. Go look up some YOUtube vids, and think that that can happen to you....to anyone. Then think about if you get cought.....you go to jail, get HUGE fines, loose your job, and have that on your record. Is it really worth it? I used to street race myself....until I looked at everything and weighed it out about a month ago. Its just not worth it, I have too much going for me now, just to throw it away so I can see if my cars faster than someone elses. So I 100% gave it up....just like that. I really enjoyed it, especially when I won.....but its just not worth it and thank God I realize that now. I used to just laugh when the "anti street racers" jumped into a thread.....now ill be right there with them.