I freaking LOVE your build thread! I've always wanted a 454. Did the previous owner swap it in? I need one in my life lol 350's are very versitile but there is NO replacement for displacement.
Chevy used the 7.4 in many 1 ton trucks through the 80s and 90s. 1990 was the last year for the old style Mark 4 block, and this truck came from GM with it. I would recommend staying away from the Gen 5 block, because it seems that there are fewer parts available for them. I don't really know that for sure, but it is my general impression from just reading about them. I think the Gen 6 big block looks like a winner though, and I would strive to use that block in future projects.