Many variables at play here.

 

Welcome aboard JT.

You mention the goal is to make a nice cruiser for the wife and yourself. While this is a nice looking car and would look even better in stock trim, I'm going to say a high revving solid lifter small block with a 4 speed is not going to make a great cruiser. Early Z/28's and Z28's were made to be driven hard.

Once he gets the wheel rub figured out, I would ask to take it for a ride with the wife before purchasing (assuming it is a Z/28).

 

Very good point it's a short stroke high rev engine,having spent quite a bit of time behind the wheel of a '69 Z28 DZ302 I agree.
They didn't have much low end the powerband is up high in the rpms,cams lope a lot at idle and letting out the clutch to get rolling is a little tricky.
I suppose one could tame it some by pulling the solid lifter .30/.30 cam out and installing a tamer hydraulic cam and lifters.
That would make take offs easier but the 302 still won't have much bottom end power compared to a 327,350 or bigger.

 

Post is a little older.

But I used to say every motor head had a Z28 for a year back in the day. They always forget why they sold it. It was simple they were great cars on race days but sucked as daily drivers. You have to tinker with them to keep them running right, They hated starting out slowly. They hated low rpms. If you did drive it "normal" the stock tune would just load up the plugs. It hated starting in the cold.

This is why EFI is suck a wonderful thing.

 

Had my bone stock '71 Z28 with M22 for 11 years (sold it last year), so I can relate. Very, very fun car, but not my choice for a cruiser. Like you say, Turbo 400 behind a hydraulic lifter small block with air conditioning and you have a solid cruiser.