Big project you are undertaking!!!!
I think that the engine basics have been covered above, but a cardinal rule is "there ain't no replacement for displacement". That means that if you start with a larger engine, you will make more power...If it were mine, I would probably build a 383. A 383 is a 350 with an overbore and a 3.75 stroke crankshaft (Basically a 400 crank machined to fit).
Horsepower is easy. It is getting it to the ground that is the problem. You mentioned that you have a manual transmission...Is it a 5 speed or a 6 speed?? If you are going to do any serious racing, you will need to change the flywheel and clutch assembly to those certified by S.F.I., and you will need to add a scattershield to keep you from losing toes if the clutch/flywheel blows up (not a pretty sight). If it is a 5 speed, be advised that it won't hold up to the rigors of drag racing(well, not for long!)
You will also need a safety strap for your driveshaft, so if you break a U-joint, you won't be pole vaulting down the track.
Then you need to do something about the rear end. First you need to know what is in there...i.e. Posi or peg-leg, what gear ratio? Then you need to think about suspension up-grades so that the tires will hook. And on the subject of tires, you will probably want to go with some Drag Radials..I also suggest that you pick up a NHRA rulebook to see what the safety requirements are..and above all, HAVE FUN !!