All the old detroits were painted from the factory, we are talking about a 4-71 here. You might burn the paint on top of the exhaust ports some. The block and the head should be iron. The blower is aluminum. I don't know if the heat from powdercoating would effect bore through the housing or not.
*edit* I just found an aluminum block on ebay. I didn't know they existed. So on that note I can add this. be prepared to redo all the machining on the block and heads after the powdercoating because the oven process could effect things like thread inserts and valve seats. Heat straightening an aluminum head usually causes the seats to fall out. Think seats and injector cups too.
George