Destroked Small Block?

I had a friend who had a 69 Z-28. It was a great car, it was pretty fast, it sounded good, and it revved up nice and high. At 302 cubic inches, I believe it was just a destroked 327. I realize that people build stroker engines for more cubes, torque and HP. I was just wondering if there was anybody out there destroking Mopar engines. Other than higher revving (if that is, in fact the case), would there be a reason to?
There was also a 5 liter formula car class in the seventies, referred to as Formula 5000 (or Formula A?) I believe it was AAR who built a Mopar engined car and by a tachometer being mis-wired tested it to 13,000RPM! THat is the only reference I can remember to this engine or car.