In the touring series' of professional dirt Late Model they match the engine size to the size of the track and the gearing required. That application uses an aftermarket crank with a 3.5" stroke making it 380 CID. The 380 has been the standard on 1/4-3/8 mile tracks were a 6.40 or lower gear is used. A big engine (420, 434, 447) is too hard to hook up on short tracks with low gears. Engine development in the last few years has produced a very manageable power delivery and as a result the 393 (3.625" stroke) is replacing many 380s and has set many track records in 2005 & 2006 on short tracks. They still regularly turn the 393 8600 rpm and 8800 when they have too, same as the 380. The bigger 1/2 mile tracks, where they take a lot of gear out of it, will benefit from a bigger engine like a 434.
But, for a street application I see no advantage for the smaller motor. I would build a 434 or a 447 if I was buying new parts.