The 312 Y block is nice but speed parts cost a lot more than Fe parts . The Fe you can get a 390 crank and built it a lot cheaper than the Y block . The Fe also has a ton more options than the Y block . The Y blocks are still very nice engines but don't expect big HP from them without very deep pockets !
If I was going to build an engine I would really go with another choice !
Just me honest opinion .
Jim