When you say red block, do you mean HT-HZ/VB block converted to 4 bolt? Or do you mean the VK GroupA A9L red painted engine with VC prefix engine number? Or on the outside a VN HSV SV5000 engine with red rocker covers (VE prefix engine number)?

If it is the former it may be a TH pattern (auto) block and then a VN-VS T5 bellhousing will bolt straight up. If it is the VK GroupA block it'll be a 4spd block, and you'll need a Dellow or CRS bellhousing unless you can track down a VL Walkinshaw bellhousing. If it is the VN engine it'll be TH pattern.

I wouldn't trust a Supra or T5 to last behind a 350ci stroked 304/308 block if you are going to give it a hard time. Either will be OK if you only want to cruise in it. If you want to pound it, use a Muncie or an auto.

For the shifter on a T5 talk to the guys at gmh-torana.com.au, they are all over which box to use to get the shifter in the factory aussie 4spd/T-bar hole location. I think they use a Falcon box, which is a diffferent bellhousing pattern again.