A 454 might weigh maybe 100 lbs more than a 350...I never really noticed any difference in ride height or quality after swapping a 454 in vehicles that had small blocks--if anything they rode a little better with the extra weight..
I did not have to do any work to any of the 454's I had,they all were good running take outs from rotted out cars in the mid 70's..they were the smog era low HP versions with peanut port heads,but had no lack of power,despite being "only" 240 HP and 360 ft/lbs torque..
As for MPG,I actually got a bit better mileage from the 454's and the small blocks that were in the vehicles previously...they had highway gearing and the big block cruised nicely at low rpms,where the small blocks were lugging and you had to stuff your foot in it more to maintain speed on hills..
The older I get,the more I regret not having held on to more of the vehicles I had--or at least the engines that were in them..back then it was not difficult to find a nice running BBC for 500 bucks or less,now a "core" sells for 1000...