Only? ONLY? Damn, you guys must think it's trivial to get a "100% overclock" out of a piece of detuned Detroit iron assembled by hung over union workers. 400 horsepower 5.0s are *not* thick on the ground in spite of internet lore. And "even" 300 takes quite a bit of tweaking by a pro.
There are a few problem areas. The intake, the heads, fuel delivery... But mostly the bottom end. To make big power without supercharging you have to spin the engine to RPM it wasn't designed for. It has two bolt main bearings -- that should tell you how wise it is to build it with enough air & fuel to hit 9000 rpm.
Also, the T-5 transmission is going to explode behind a high powered motor. And you might break some axles. Other than that, all is good.
Slapping a supercharger is the fastest way to go fast. But you will need a new fuel pump and new jets. New heads are nice, but you can get by without.
I second the recommendation for a Z-28. It's 100hp more straight from the factory.