Andy, i don't know about 700 hp, but i have what i believe would be a very reliable 800 hp combo in my head, based on parts i have used.
499 low deck shortblock , BME aluminum rods with a small dome piston for at least 13/1 compression.
Indy 440-1 heads, cnc ported, dominater single four
Isky RR735 roller with jesel rockers, comp 947 springs.
Put this in a 3000 lb package and go 9.10s all day long at 7200 rpm, faster if you don't live in minnesota!.