In order to build a LA 360 to current HEMI 5.7 levels, what you really need to do is look before you leap into the project and understand why and how the HEMI makes the power it does.
First and foremost, the modern engine has certain advantages over the older LA. What the LA needs to have done to it is meet or match the advantages.
Carb of FI? This is your call since a really well tuned carb can certainly bring how most of the goods. Then there is the intake. I would simply just use a Edelbrock rpm here.
Here is the toughest part. Cylinder heads. Your going to need to meet the head flow of the HEMI engine. Get the best flowing cylinder head up top. Meet, at the least, the flow rate specs of the HEMI head.
Exhaust, same as above.
Camshaft. This can be tricky since the HEMI has a Hyd roller and if you don’t want that expense, choose carefully.
The one thing modern cars have the older ones do not have but could really use is there transmissions. This opens the door on many fronts. It also helps keep the camshaft small.
You can make a 400+ hp 360 with bolt on parts.
Zero deck flat top pistons such as the KB-107’s for an approximate 10-1 compression ratio, Edelbrock 750 carb, rpm intake & cylinder heads with headers and a (generic & lame) cam of 280/280 (@050 - 230/230) - .480 lift will make 400+ HP.
If you ported the 360 heads well, you can drop the duration and increase the lift to take advantage of the cylinder heads flow abilities and make the power.
For mileage concerns, you’ll need that OD transmission & proper gearing. This should be well thought out for the reason coming next. The one mention above which I actually have done and will say it helps a bunch for such moves for mileage is the Rhodes lifters. This helps lower the cams rpm range and save fuel by the lifters design. It’s design will shorten the duration of the cam making it smaller for not only fuel savings but more torque.
There is not a lot of OD options for us. The typical 4spd automatic is OK. For manual transmissions, I’m not entirely fond of the gear split. If your car is an automatic, your choices are limited unless you drop serious coin on something like the 8 spd TCI (IIRC) transmission. As far as a manual, a Tremac can be done in 5 or 6 gears.
Remember to do the math for your final drive ratio with the transmission you choose to use. For those that don’t know, that would be your gear ratio in the rear end multipled by the OD gear.
Example;
OD gear of .69 X the rear end gear of 3.91 = 2.6979 or rounded up to a 2.70 gear ratio. Match this to your intended tire size and check with an online calculator for the approximate rpm’s and speed at your cruising speed and rpm. Also make sure your cam isn’t to big for this final gear ratio, tire size and rpm it will carry on the Hwy.