I'll agree that the 5.7 isn't a magic bullet. If you're going to build a mild 440 then the 5.7 can give you the same power and better efficiency.
Yes, there are more "modern" heads for the B/RB engines but they still rely on the 50+ year old architecture. You still have a 77 pound crankshaft spinning in the block.

If he wants to go 5.7, let him. I posted a carbed combo and the magazine article had prices on everything they used. You can go injected too. It all depends on how much you want to spend and how much time you're willing to devote to tuning.

I spent a little money going EFI on the hot rod and I'm glad I did.

The only thing stopping me from dropping a new Hemi under my turbos is the fact that I've spent so much time and money building the 440 and have yet to max out the combo.

The stock 5.7 heads will out flow my B/RB Edelbrock RPM heads. There is some serious power potential lurking in there.