You could use that engine for road racing, but it would be far from the best choice. See the dyno curve linked below.
To get maximum acceleration from any given engine, it need to be used in the operating range that delivers the maximum average power to the drive tires in any given gear. To determine what the shift rpms need to be to do this, you need to look at the gear ratios in the transmission. In a typical close ratio street 5-speed, the engine is going to cover a range of 3,000rpm in the lower and mid gears. If you use an 8,000rpm limit for this engine, that means that the engine will be run from 5,000 to 8,000 rpm. The average power (integration of the power curve from 5-8krpm) is going to be somewhere around 425hp. If you could extend the engines rpm limit up to 8,000 rpm, then the engine could be run from 5,500 to 8,500 rpm. The average power in this case, would then be around 435hp.
One of the points of this is that to get maximum acceleration out of any given engine, it must be revved quite a bit past its peak power rpm. How far past is a function of the shape of the power curve.
If you were to take this engine and install an intake manifold with longer runners and reduce the camshaft duration, it would make more peak power at a lower rpm, and as a result have more average power from 5-8krpm. This would result in more acceleration and better engine life. It is really geared towards drag racing. It really makes no sense to use it in an application where it is shifted at 8krpm or lower.