Is the 8" ATI converter an off the shelf 5000 stall? Or do you need to custom order it? Seems like a very nice piece. Would it be a good street/strip choice for a 360 with a 292 purple cam and 3.91's out back? I currently have an FTI 3400-3600 stall converter.
First, to answer your question, I called ATI and went over the details with them to get this TC. I believe you should do that regardless of what TC brand you want to use. Why would anyone not take advantage of their expertise??!!
As to whether it is good for your application, I would first call them and see what they recommend for you. You have a bit less cam and displacement than me so you may need something a bit tighter - maybe in the 4500 rpm range. A rule of thumb is you typically want the stall speed about 1200+/- rpm below your shift speed so you could figure yours accordingly. But let them or some others on here suggest that. Note that my TC would probably stall lower in your application as I suspect my 408 is a higher torque engine than yours. I've had my converter for 2+ years and have had no issues with it.
Give 'em a call - and good luck regardless of what you decide!!