"Omally"
Take this for what it's worth. I am just finishing a 2 bolt (509 casting) 406. I have had this block under a bench for several years and decided to go this route. First thing was to have the block shot peened, cleaned and magna fluxed. I also had the cylinders sonic tested for thickness. The block checked out fine so I decided to give it a shot.
Quality machine work is imperative with any build, even more so with a 400 block . At a minimum I would recommend a line hone, bore/hone with torque plates. I chose to stud the mains and went with head studs. My opinion is if your also going to spend the money for splayed caps, I would go with a better block. There is no sense putting that much money in a stock 400 block
If I didn't already have this block, I would have went with a SHP block. 400 sbc cores around here are hard to come by and you roll the dice by buying one before you can check it out. Even the SHP block as good as it is, will require some machine work. My build is fairly mild so I chose to take a chance with my stock block. When/ if it gives up on me, I will definitely go with the SHP and more cubic inches.
I'm not trying to scare you away from 400's, I think they are great little street motors and in the right application will live for a long time. You have to do whats best for you and your budget.
Mike