personaly I am big fan of the smaller displacement v8, reguardless of the fact that I have a 400 in my datsun.
But if you do a small dispalcement v8 , you have to do it right, dont mess around with 265, or any other standard small block. My obsession is with the olds and buick all aluminum block 215 from the early 60's. This engine was the topic of heavy research in the 70's and 80's an did make it into the f1 program with decent results. The rights of this engine has been picked up by Rover as of late. they have built it up to a 4.6 L in recent years with a very good fuel injection system.
there is an engine builder in almont MI, who build these engines only, I forget the name of the company at the moment, But i will get the website and post it for thoes who are interested, he ran a vette in the 60's with a 215, and I believe he was running somthing in the 8's on the quarter mile.
these engines can be pushed extremely far too, as they are mainly built for road racing. A standard 215 block can be bored and stroked to nearly 5.0L, and run with a compression ratio of 13.5 to one with relative ease, the company builds extra large valve body heads, and an intake to run quad down draft webber 45dcoe and will run around a road course at an average of 6k rpm's You can run 300-500 hp in an engine that is substatialy lighter than an iron block 350. and as we all know horse power is just a number to brag about, but it is the hp-weight ratio that makes cars fast.
the main reason I did not go this way is that i am poor and it coast about double what it does the build a standard small block.
just my thoughts.