I'm lov'n this post!!! Seems to be alot of positive input here too. My first brand new car was a 1965 Chevy Biscayne, with a 283 and 3-speed stick. I drove the crap out of that car and it never let me down (if I drove sane, I could get 24-26 MPG on the highway!). IMO, Chevy stroked the 283 with the 327 crank to make a 307 and thus increase the torque of the base V-8 to be able to power the land yachts that were being built (and to keep costs down).
It has been said that there is no replacement for displacement and this is a true statement IMO but, alot can be said for building a 283! 1) If you want to race at a strip, chances are good that there will be fewer cars in your class. 2) The bore of the 283/307 will have less intake valve shrouding than the smaller bore of a 305 (better breathing means more power).
3) The 7 1/2" rear would stand a good chance of living behind a 283 (and probably a WC 5-speed). 4) Headers (1 1/2") and exhaust (2 1/2") being of a smaller diameter would have fewer fitment issues.
That being said, the cost savings from not having to buy parts for a heavy duty drive line could be put into building the engine!
Doug