Thanks for all the opinions guys. No matter which way I go, I will not do any cutting of any original parts.
You can purchase a crate motor from Original parts group that puts out 475 HP, 500 Lbs.-Ft torque for around $6000.00. And with a cam change, and a couple other minor modifications it can put out around 550 HP and 550+ lbs./ft. torque, in a very streetable engine that runs on pump gas, and sounds brutal through 3" exhaust pipes. I have personal experience with this particular setup. The Edelbrock Aluminum heads make a world of power difference.
OK, a little lesson on volumetric efficiency:
A supercharger does make the engine more efficient. There is a point at which your throttle plates are open enough for the supercharger to draw enough air to be able to compress the mixture in the cylinders ie: actually start producing boost. With a typically sized supercharger, lets say a 8-71 on a 455, this point will be near WOT. At any point below this, the supercharger is, in effect, not doing anything and your engine will act as if it is not supercharged. In fact, the spinning rotors will promote a better mix of fuel and air, and you will many times achieve gas mileage around 3-5% better than stock.
Of course, this all changes when the throttle is open enough to allow the supercharger to start producing boost. Then more air and fuel get pumped in to the chambers than would normally be possible with atmospheric pressure. More air and fuel = More power, and an engine that acts like it has grown into its bigger brother.
If superchargers were not an efficient method of producing power, then the factories would not be using them. And this is not to promote Supercharging vs. Turbocharging vs. Nitrous.
And the whole nitrous thing could be added to either setup later. That is a discussion for another time.
A stroked 400 or 455 pontiac could make 500+ horsepower very easily, while still remaining able to drive cross country with the A/C running and carrying 5 people.