You can easily do a 383 with the 5.3 no problem.
Can even use stock 6.098" Gen 4 rods with a 4" crank with the right pistons.
Are you planning on putting turbo on the 383 or just running it N/A?
The last 383 i did went into a 2005 silverado crew cab 4x4 with a 78mm turbo. With 4.10s and 33"...