You can build a strong runner with an olds 350. What year motor is it? What heads are on it? (Look by the #1 spark plug for a number or number and letter code) With minimal work you can make a fun street car with the right heads and decent compression (just like most motors). If you want to make big power, that can be done too, but it will take a little more work, just like any motor.
I'd stay away from mondello, it is no longer Joe, but a name for a company that has nothing to do with the legacy. He has screwed many, but more than anything, he is EXPENSIVE. Buying through him, yes your olds will be pricey to build. There are plenty of vendors on the forums who take care of their customers and offer better parts at better prices. I'd give realoldspower.com a look, don't mind the attitudes, sadly its the downfall of the site, but there are many knowledgeable people there.