If you want to build a 383 for 600+ HP, just get a stud girdle.
Reason why folks use a 400 block as opposed to a 383 is that the 400 has a much bigger bore. So with a 383, there's the possible issue of valve shrouding.
But if this is a street car, a bored and stroked 383 should be fine. If you're going all-out racing, sure, get a 400. Of course, if you're all-out racing, than you should get an aftermarket block anyways like a World block or Indy max Wedge.