That sounds really cool. Where are you getting the V8? and Who's (manufacturer)V8? You'll need to boost the suspension a little to handle that power and of course if you are going to do brakes, and you should in my opinion, the OEM brakes are no match for 400 horses. I'd go Brembo brakes.
I am a car buff as well.
I am a GT4 playstation addict. Its sad to admit that but I am.