I'm thinking about a Ford Ecoboost twin turbo for my 90 blazer. I have a 13 F-150 with this motor and it's awesome. My truck makes big block power in an aluminum v-6 power plant. In that blazer with the Ford 6 speed tranny, it would be way fun and economical to boot. Probably only cost $10K or so. So maybe that's a pipe dream?
But if I had to do it over again in my 90 blazer I would go big block for an older engine, or 6.0 liter for the newer injection system.
Nothing wrong with the 383, but your 86 probably has TBI, that's the downside. Not a lot of good choices with that

If so, then the newer 6.0 would be a good choice to keep it street legal.