Damn it!!! I had a really nice post typed up and hit a wrong button on my computer...
Here's the short version...
Run 5.7 rods in your 400. You need different pistons, but you need them for a 383 also.
Grind the mains down on the 400 crank to the smaller 350 size and run bearing spacers or special bearings.
400's are externally balanced and can have problems at higher rpm's, like 6000+. Buy an internally balanced crank for a 400, for less than $300, or buy a 383 kit intended for a 350 and run the above mentioned bearings and/or spacers.
Any head you can put on your 383 can be put on a 400. Just drill the steam holes and run the right gasket. (Repeating hirsch I believe)
My 400 has never had cooling issues, even during hours of summer heat driving with a slide-in camper in the bed at 3000+ rpm's and the stock cooling system. I just put in a 190* thermostat so it would actually warm up properly.
400's have superior cylinder filling with their bigger 4.125 bore that unshrouds the valves. This means more power potential everywhere in the powerband, for both torque and horsepower. That is the biggest difference in power potential, IMO. Followed by cubic inches.
I love 383's just as much as 400's, and my choice of which to build would be determined by what I have sitting around. Because the OP has a 400, I say build it. If he had a 350, I would be promoting finding another 350 block and building a 383.
The thing I don't like is the comparison of a stock 35+ year old engine to another engine that someone has taken the time, effort, and expense to "build". Of course a 383, or 355 for that matter, that someone has "built" is going to make more power than 400. But you do that same exact "build" to a 400, and the 400 is going to wake up like the other engines. Apples to oranges people. Try doing an apples to apples comparison.
Gm stopped producing the 400 due to gas mileage regulations and the "corporate" engine program. Not because the 400 was a terrible engine.
When I rebuild my 400, I am not using the stock shorter rods. You can buy stock used 5.7 rods cheap. Or the terrible 76cc heads. Most heads will probably be better than my stock ones. But I do plan on using the stock crank and big main bearings. Mine will be a low rpm engine build and the bearings size and externally weighted rotating assembly will not be an issue.
Yes, that's the short version!