Yea Z06's are pretty insane! My buddies dad is loaded and just got one, its a monster!!! Those things are just an amazing all around performer, talking about something that can eat up Vipers....
Go 408, trust me...if your wanting to beat some Z06's your going to need every cubic inch you can get. But if you stay 393, a cast crank if fine, the stock block will give before the crank will. My dad has built, raced and worked on cars for 30+ years and he said he's never seen a broken crank, something always broke before the crank, rod, piston, etc.
Just remember, the connecting rods are the weak link in a rotating assembly. I was thinking about building a 393, i was going to use a Scat cast crank, i think it was like $350ish and then use stock 351 rods and some forged 302 pistons. Havnt really worked out the details yet, but i was going to clean the casting marks off the rods, smooth them out and have them shot peened along with the crank. Most of the time, when a rod lets go, the crack starts around the sharp edges, casting marks on the big end of the rod. But even after you do build that engine, dont be to surprised if a Z06 still hands you your ass, they are fast. We were cruising along the highway about 65, he nailed it and we just went to 120 in about 5 secinds, like it was no problem, engine wasn't even breaking a sweat, they are amazing performers...Sorry for the long post.