For starters the pocketbook needs to match the goal. A stock block 347 will have a hard time making 600hp and living. Whoever uses is a stock block to make that much power is not using their head correctly. Also, the myth about oil burning because the pin intersects the oil ring is complete BS. I used to believe it to but I was wrong.
That said, using a 5.4 rod in anything aother than a naturally aspirated combo is not a good idea unless you get custom pistons made where the top ring is lowered on the piston. The top ring land is way to close to the piston top which makes it weak. Fuel and air pressure get trapped in the ring land all the time but when it is weak it has a tendancy to "pop" the ring land off the top of the piston.
The 331 piston has a much larger compression height (use a 5.315" rod) and can be safely used with all power adders.
Again, please do not try to make a 500 to 600hp engine on a 5K budget or you will end up with a disaster on your hands.