There's good reason other builds will have more power. You'll probably note that most 400hp dyno'd builds that have timeslips that could make that plausible don't have things like a cam pretty close to the stock 360-LD's.
I believe one was rated for 225 (E58) and the other was rated for less than 180. This has a cam closer to the latter than the former. There was also a 2bbl (E55) with the bigger cam and I think that had more power than the 4bbl LD.
Very much so. It's important in the street and a car that'll see track time. You have what power you do, and it working properly is the most important thing. Sure you can always go back through later and increase it but if the goal is street driving it, that's important. On the flip hand though people easily get worried that building a 318 or a 360 to a 340 or close to a 5.7's specs are going to make it unstreetable in some manner, but if you're not frequently rock-crawling or on the extreme end of medium duty truck usage- cams as small as a 360's or 318's are typically not best for anything.