Hi, my name is Ryan and this is my first post

I have a 1994 Cobra with a 351 in it. I have been doing a lot of research and am still stuck on what to do with my mustang to make my goal of 700RWHP.
The current engine is a 1972 351windsor bored .30 over. I was originally going to go with a 408 supercharged stroker. I figured running around 12-14lbs. would get me to my goal of 700RWHP.
My questions:
1)Would my current heads, ported and polished GT40 heads support this set up?
2)I estimate it will cost over 10k, has anybody done something similar to this that can give me an estimate?
3)Would there be a cheaper way of approaching this build? IE 427 with nitrous??
Thanks and nice to meet you all!
Ryan U.S.A.F.