I went down the same road and asked a lot of the same questions with the same kind of build in mind, Hatchet... In the end it was just easier, and I felt safer, to let somebody do the build who has done 7M's before with success, built to handle at least 25% more than I intend to throw at it (personal goal of 350 - 400 whp), and at a fair price.
Anyone feel free to correct anything out of line, but this is what I think I saw as minimum for my hp goals:
MHG and ARP head studs (preferred over bolts) are an absolute necessity along with all BPU's outside of the build. Stock rods and pistons will do the job nicely, but make sure the required machine work gets done (hot tank, polish crank, cylinder hone, smooooth block & head surfaces, valve job, oil pump shaft, etc). Clevite bearings are nice, but not necessary for these goals. ARP rod bolts are good insurance, but not absolutely necessary, and ARP main bolts really aren't needed here at all. New oil pump (Aisin) and a good water pump needed, too. It just doesn't come cheap.