Nothing wrong with the Olds! It was THE definative jet boat engine back in the day, and many knowledgeable people on here can support that.
450 HP? should be a cake walk, really.
I've posted this no less than 5 or 6 times, but at the risk of beating a dead horse, yes, drainback is the main issue. There are restrictor kits to the top end, special pushrods, etc, etc. (My experience is based on Pontiacs with the same condition.)
The "problem" is the oil system is too good. Pumps too much oil to the top end (Hence the "restrictor kits or fixes")
Not really necessary, IMO. removing all casting flash and adding a large capacity pan/pickup WITH a windage tray should solve most issues. Yeah, we used to smooth the inside of the heads and lifter valley, but that was extreme. the problem is more cavitation of the overly efficient oil pump through frothing of the oil on drainback. The smoothing and streamlining stopped that.
Regardless, in the 5000 rpm range, you'll be fine. It's when you push the issue with hotter cams and make your max power to 5500 or better these things show their ugly head.
450 @ 5000? Easily attainable. Call Tom at JBP or Dave at A&D to find out how.
Ray