Redline is most likely the valve float limit.......power drops off after the camshaft design.........but you can still rev past that. Valve train rev limit should be sized to exceed the camshaft by a good margin....then you will not have any issues. Back in the 80's I built a nice 300HP 327 with a 350HP hyrdraulic cam, it reved to 6500 with no problem and would pull to 7000RPM. Stock valve train and engine for the most part, only a torquer intake and headers, could run 100mph qtrs all day long. Kid drove it to tech school every week in Lima Ohio for a year. Daily driver.....engine went thru 2 cars and survived a beating for years....
We ran 3rd mile dirt for 7 years. For our cl*** of car, there was only 2 trans/rear options that would work. On a normal night our 350 SBC would turn 6100. On a great night, 6200. And that is pretty much wide open for 20 laps. We were running a little more lift that you (hydraulic lifter). Either 488/488, 488/510 or 510/510. I did build a 327 which at 6700 rpm had an edge on the 350's but ate a piston in its debut. On lap 19, ha ha. Oh, and we checked the tach after every race to make ch***is/tire adjustments, etc.
jeez i run my hauler truck more RPM than your red lines it had 6.17 gears and at 55 MPH it was turning 5500 RPM factory chev tach and run it to Canada for a year and made a full time living in the summer runing 7500 rpm but never had any HYD lifters either they do not turn out power at all and always had about 320 duration I used to build a lot of SBC and they all stayed together and some were run on fuel[nitro] additive, I never had a job many years ago and my engines had to finish or my racing was ended actually the last time I have ever had a paying job working for someone else was in 1978
Had a stock lower end small journal 327 in a 67 malibu in high school .It had home ported(took me about a month and several drills) 202 heads on it and i had a 292 hydraulic cam in it with Z28 springs.I shifted it at 7000-7200 about 10 times till it broke a skirt off #3 piston.Learned my lesson about rpms and stock lower ends the hard way (i was 17 years old at the time).On the other hand my 408 Mopar stroker has a 484/510 hdraulic cam and im running 11.40's shifting at 5800 and going through the lights at about 6200 floating the valves slightly.Motor has 100 p***es on it and still kicking ***.Its pointless to rev it past the limit of the cam .I'd say your cam in that 327 will go 6500 easily before it falls off ,but will fall off sharply at that point...