A 408 or 416 will out torque a 383. The shape of the block doesn't determine how much torque the engine will make. The OP obviously wants to stick with the factory K-frame and likely power steering so a small block makes a lot more sense.
Could you rebuild a core 383 for about this price? Probably not considering the other things included.
I'd have a very hard time swapping an iron head big block with open chamber heads into any car that handling is a consideration, or anything that gets driven a lot. I think for a nice street a-body on a budget, it would be better to go with something like a 360 or 5.9 magnum.