I'd say yes, but to go to 350ci don't use a red engine. Get a late VR engine. Will still have a "1974" date code, and will already be relieved for the 3.48" stroke crank, plus it'll still be standard bore. And have good rods already.
Rebuild as a 350ci engine. Simply bolt on some L34 spec red heads and HQ manifold and exhaust. Just run a tow spec cam. Thing will be a torque monster. But don't run a manual unless it is a Muncie, use a TH400.