Lets start with a few facts;
The 360 is a little bit cheaper, produces more torque, will peak in HP a few hundred RPM's before a 340 and use every last HP trick the 340 will use. There cheaper to start with. Slugs are a slight cheaper in general. After that, it'll cost the same to build.
Once built, it will make just shy the same amount of power a 340 will and more torque. (Considering both are built the same way as close as possible)
As far as tranny's go, a decently built 904 will hold a good bit of power. The word, "Upgrade" to a 727 is not an upgrade. It will actually slow you down and cost you gas. However, it in the long run, it will hold more power, just not enuff to justify it's usage at this stage of the game.
A word on a 318-390 stroker
Doing a stroker is a GREAT idea. Though the cost of doing one will soar over a basic rebuild and performance slugs for a stock stroke engine. You may also consider an upgrade in con-rods over a general replacement rod. It all add's up real quick.
The 318-390 stroker is a little more pricey than a 340 or 360 stroker. Due to the pistons really. It is not as popular as a 340/360 stroker kit. Your gonna want to have to do it in order to be OK with it.
(Oh, then there's a set of heads to make it work really well. IMO, a set of ported Edelbrocks to start with at a min. Edelbrock heads as cast are excellent to or around 370 cubes.)
Use the same trans that the car came with to keep costs down. One thing in changing from a 904 to a 727 is cutting and re-balancing of the driveshaft. It can be done cheaply. Probably about $60 - $70 bucks. But then again, that could be in your pocket.
IF you plan on a TQ carb, that '76 is not a great year carb, but workable. Just understand, there a pain to learn and get tuning parts for. Jets to be exact. Rod? I bend AFB rods to fit. It's only 3/4 of an inch shorter and done in my vice. (Carefully)