And as far as seeing your 20's, I think most of us here lived (and drove) through the muscle-car era and obviously still love (and drive) these cars today.
Safety technology has most certainly improved, but there is no substitute for just being a good driver and having a level head. Sounds like you have the latter for sure.
Just because you may have 300+ ponies under the hood, you don't have to be irresponsible. There are plenty of ways to enjoy the power of your car without slamming into the local high school gymnasium (for example).
I'd echo the opinions many expressed already: take the couple of hours to diagnose the existing motor. You'll be amazed what you will learn. Besides, you have to pull the motor no matter what you do so why not just take 'er apart while you have it on a stand? The Pontiac 400 is a great motor.
I have a Poncho 350 that I'd give you...but i'm in Cali.
Best of luck, Tom
1969 Firebird, 350-2v/350, Verdoro Green (?), Green vinyl, numbers matching, relatively unmolested. Needs a bit of everything.