270 without a tranny, even a D-series tranny is something like 90lbs. You're talking 350lbs at best hanging in front of the front axles. That doesn't bode well for handling at all (early 90's Audi anybody) and if you can get the same power in a lighter form then I don't know why you wouldn't.
If its a drag car then sure why not.
If its a drag car then sure why not.