349 CI on the cheap
How is it going to be stronger than a 360 when you're taking 360 parts and making it smaller? Turning the crank that much isn't a good idea. Run the motor for about 5000 mile and pull it apart and magnaflux the crank and the mains will probaly look like spiderwebs. Lets say you take a stock set of heads and have them reworked.
How much would it cost you to have the seats cut for bigger valves, install bronze guides, milled, buy new valves, springs, locks, retainers and just have them mildly ported? Also I have not mentioned anything race motors. What I have built is a completly pump gas street motor that as of right now has 23,000 miles on it without a single problem.