Re: 87 Chevy B-60 Bus
427 will work. Or even a 454 out of a pickup would be fine too. Get a late enough model to get the TBI and take everything that you need for the conversion. Also ditch the 545. if you want to keep an automatic, go for a Allison 2000 or 2400. The 545's were good transmissions, but they dont lock the converter and they keep the rpms up. Actually I just had a thought. Every once in a while you can run across a fleet truck for sale (schwans and ryder comes to mind) that you might be able to do a whole drivetrain swap from. Engine, trans, rear. Plus sell off extra stuff from what you dont want.
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72 GMC C2500 402/Th400 first truck (still have)
77 GMC C3500 CC dually Sold 
70 C50 dump truck "Rusty"
87 K10 Suburban Sold
93 K2500 xcab 6.5TD
96 GMC K2500 Suburban 6.5 TD
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