Engine options?

Just looking for advice from people with more experience than myself...
I grew up around racing and I'm a mechanic (in training). I have mechanical experience but I lack in racing experience. (Shocking to believe, they are not the same thing.)
I have a '71 Chevelle that I can't decide what combination (engine, trans, gears, etc) I want to use. I race local tracks (mainly a quarter mile asphalt low bank track).. Any suggestions on set-up and/or engine options? Not looking to cut corners but I want the most bang for my buck like anyone else.
Considering a 406.. Lower RPM but higher torque.. 509 casting. Higher Nickle content. No substitute for cubic inches..
Biggest thing is I don't want to do what everyone else does.
My track is pretty open in terms of rules. Single carb, 23* cast heads, wet sump..
Thoughts, advice or suggestions?