349 CI on the cheap

Lee,
Alcohol by it's self won't pickup that much but does help, as for the the 1 sec. deal I also would be going to injection, and for the 1/8 mile 9.90 is a 6.30 and 8.90 is 5.70. Also the balance would be like a 360 with light weight pistons which helps the higher RPM's, and peak Hp @ 6500 RPM's, but peak tq. is 5000 RPM's so the shift point would be 6000 as the RPM's will drop to about 5500 and the tq is still high at this point, something like 502 ft lbs.
This engine is built off of the Top Fuel engines style specs. that they use a large crank stroke and a small bore with long rods. This keeps bore to stroke and bore to rod ratios more in line. But this doesn't get carried away with stroke and throw rod angle out the window.
In all reality the ultimate engine would have the piston pins moved and the pin height shortened to take more advantage of the cranks stroke and make the rod angle better along with the rod ratio. The best position for the crank to be is 10-12* past TDC when fireing, this gives the best performance and tq. Also the longer rod allows the piston to remain at TDC longer giveing a better burn and more power with less piston rock and drag in the cylinders. And theres still alot of things that can be done to enhance power even more, but this now gets away from the cheap aspect and defeats the purpose of doing this engine combo.