The GenIII Hemi isn't a Hemi, & it is a superior engine for it, & there is ample evidence of it's ability NA. It also has superior design features in cam tunnel size/placement, block structure/rigidity etc.
There isn't one Engine Masters challenge participant that wouldn't choose a GenIII over a GenII to start with given that choice. Fact.
Whether one feels it belongs in a "classic" is entirely subjective as individuals. Would I put a new one in place of an orig one in a real classic Hemi car? Hell no, but that's ME, & as strongly as I may feel 'bout it,....if it ain't Mine then the owner can do what they please..