I just finished mods on my L48. You may consider going this route. XE262 cam, upgraded Vortec heads (good for .550) , 1.6 roller rockers, headman headers, performer intake, 600 vac. sec. Holley, TCI 2k stall converter. This stuff really awakened the little L48 . I spent around 2k for all the mods listed which isnt bad. Vortec heads are one of the best deals going. The out flow every iron head on the market with an intake port of 180cc or less. 239 cfm @ .500 lift. They are said to even outflow the cast iron "bowtie" heads out of the box, & they don't cost an arm & a leg, even for the upgraded versions. I would not trust the L48 rotating assembly with a supercharger, as said above. You should be able to make a reliable 375 or so with your 77 shortblock.
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