Upgrade for '70 Swinger 340 rear
My $0.02...
My avatar has a 408 like you are talking about. I use a 489 case 8-3/4 with a spooled 4.10 gear and Moser 35-spline axles. 8" ATI converter that stalls right at 5000 rpm. Split mono Caltracs with Calvert 9-way rear shocks. 28x10.5W bias slicks at the track. RMVB CRT 727. Unless there is water or something stupid wrong with the track, traction is not something I have to think about. The car just leaves.
On the street, tires are M/T ET Streets P295/55R15's. Traction on the street is "ok" but honestly, I don't often test it as these 408's make so much torque and street surfaces are so variable....it just ain't worth it! Plus I tend to be a bit cautious due to the spool as well.
Caltracs on the street? Mine are set pretty tight so they do make some noise on shifts but in a car like this, who cares?? It's part of the fun of the car. If I wanted an easy to drive car that ran low 11's, I'd get one of the new cars - many of them can do that. I just prefer these old heaps!!