I think that building an effective high RPM package is more technical and complicated than a high torque machine, but make no mistake, it works!
Gobs of torque is kind of a one size fits all proposition, effective in most all applications. One thing that is rarley mentioned in these threads is the fact that gear reduction = torque!!
In a high reving package everything needs to be done right and made to work together. ALL of the engine parts and its composition as well as the rest of the car.. The whole idea is based on the principle that the HP "rate of gain" grows as the RPM's escalate and so they need to operate in a higher band. Pro stock cars are an excellent example of this principle, the amount of technology that goes into one of those motors alone is staggering, to say nothing of the rest of the car. They are able to run at speeds that are almost unnatural for carbureted engines because of their unprecedented utilization of RPM's.
Weight to HP ratio is also another very important factor with a high RPM street rod.