383's need special pistons. Meaning that you can't drop a 400 style crank into your 350 and be good to go. The skirt will be hitting the crank throws. Swapping to a 6" rod with your current pistons won't work either, they will come out of the hole at TDC. The compression height of the pistons must work with your rod/stroke other wise you will have some weird compression ratio, or valves hitting the pistons.
If you need a new crank, or pistons. Then I'd spend the extra to build the 383.
The rod length will affect the rod ratio...I don't know what the ideal is. Rod ratio equals the length of the rod divided by the length of the stroke. I'd assume the ideal is around 1.6:1, but I'm no expert.
Stroke (inches)-------Rod Length (inches)-------Rod Ratio
3.48-----------------5.7----------------1.64:1
3.48-----------------6.0----------------1.72:1
3.75-----------------5.565--------------1.48:1
3.75-----------------5.7----------------1.52:1
3.75-----------------6.0----------------1.60:1