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To air and fuel, 427ci is 427ci no matter whether it's in a small block, large block, or any size hunk of metal. I tend to think the sound difference(if there is any) is about the difference between heads and headers. The nice thing about SB 427 is that you have many more choices in heads, intakes, and cams where with the big blocks you are more limited. A lot more companies sell porting of SB heads as well so I would even argue it's a little easier to find power since you can get 300 or better flowing heads all day long from several manufacturers.
I've had a coast 427ci and also built my own 383 stroker and 408 stroker. 90% of cobra owners would prefer the 427 since cubic inches mean more torque (not more HP but more TQ) and it seems more cobra owners like the kick-in-the-pants at low rpm. So if you are a waxer, choose the 427. If you are a racer, lean to a high-revving, high HP lower cubic inch stroker. These revving engines feel weak down low and then start to clean up an sing once you get into the cam butterzone at the 3500rpm+ range.
I should add that you cam make a 383 or 410 torquey as well...it's mainly cam choice.
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