In reply to:
Also, the main reason the 383 and deisels produce more torque is the compression ratio, which generally is related to a longer stroke and head chamber size
[/ QUOTE ]
you're neglecting an important factor. The increase in stroke gives the piston a greater lever arm on the crank. Torque is force*distance, so if the big end of the connecting rod is at a greater distance from the centerline of the crank (ie larger stroke) you get more torque, with the equivalent MEP in the cylinder.
And rotating mass shouldn't affect torque output at all. There are two ways of looking at it, statically and dynamically. By statically, i don't really mean "static", i mean constant rotational velocity. From this standpoint, mass would have absolutely no effect on torque. However, when you are changing RPM, the engine has to use more torque to accelerate a greater rotating mass, which means you get less torque to the wheels. Extra rotating mass might help if you're loading the engine enough that it is causing a decrease in RPM, in this case the the extra rotating mass would be decelerated by the load, providing a little extra oomph until the rotating mass stopped decelerating.
I would personally try to reduce rotating mass, if anything. Although reducing reciprocating mass would be more beneficial.