This is some interesting info on the 429/460. I didn't know someone made an aluminum block weighing just 145 lbs.
With aluminum intake, heads and an aluminum block, total weight should not be much more than an all-iron 351. I figure these items would save about 200-250 lbs. in all.
For a Cobra, you could have your cake and eat it too!
I haven't seen a 145lb aluminum BB, but Ford Racing does have one listed in their 2002 catilog at 165lb. This is a 4 bold with steel cylinder inserts. They don't list a price, but you can bet it would be in the $4-5K range.