Since you're not racing this set-up, it sounds as though the intent is a street cruiser. The 454 definitely has a leverage advantage vs. an LS from a budget perspective. Torque is what gets the program moving on the street.
Boring the block out as needed (hopefully less than .060" should get it done), adding some flat-top pistons, the previously mentioned 781 Oval Port heads, a decent mid-range spec'd cam, a good dual plane hi-rise intake (perf RPM), good ignition, & exhaust (1 3/4 primary tubes into 3" collectors, & 2.5" min. duals) can be done for under/around that number. That will definitely put the hurt on some rubber.
Of course, the rest of the combo needs to be matched to yield the best results. Poor/miss-matched converter stall, gearing, and/or a crap suspension set-up can all make an impact but it also holds true w/an LS based swap. Affordable LS swaps are the 5.3/4l60e truck/Tahoe donor platform which can yield 300hp to the wheels in street trim. The big-block specs mentioned above can match that while producing a bunch more torque.