I love high reving engines, my current car has a 2.5 liter v6 that reds at 8k and is a complete dog below 4k, that said there are a few things to consider here besides engine mechanics
I totally repect your statements about not having to beat other cars and wanting a 302 or similar engine because its characteristics appeal to you, they appeal to me as well. I am not a fan of big blocks, muscle cars or anything other large cars. The idea of 400 hp in a 4000 pound car is rediculous when a 200hp engine in a 2000 pound gives the same performance with typically better handling and braking and better mileage.
There are other aspects not being considered in this discussion tho. If this is purely a street machine you do not want a high reving engine. There are reasons for this, none of which will make sense till you have been through it.
-a small block screaming at 7k will piss of neighbours, people sleeping, and attract police like its nobodies business.
-being that you can build a higher displacement engine for the same weight and typically cheaper logistically it's a poor value per dollar and per pound to go with a smaller displacement
-street driven to me = light to light = low end power, you doing to need lots of cam for that high reving engine which will kill your lower end.
-big cam = poor idle = poor street engine
-low end grunt relieves downshifting around town.
That said I love the fact that my engine is happy cruising along the highway at 4-5k and the sound downshifting at 7k on narrow streets never gets old. Unfortunately after being pulled over more times than I can remember, being afriad to rev it up late at night for fear of attracting attention and the lack of power below 3000 rpm gets old quick in a street machine. For those wondernig I have a stock muffler but with other modifications my car is very loud at high revs.
I don't think people are trying to knock your idea its just that most will problably agree that once is all said and done you will probably be happier with a larger displacement engine. An as close to stock engine that will meet your performance goals is always a good idea in a street car IMHO.
Wow, I typed alot!