Re: Strong enough?
I'd suggest doing like VermontTy says and sit back and look at the whole scope of the project.....
Using a stock S10 chassis as a starting point is probably penny wise & pound foolish. The factory frame is heavy & weak compared to a well designed & braced tube chassis. The factory front suspension has lousy geometry and is fairly heavy. Yes, you can do aftermarket parts and get away from torsion bars, but those kits aren't the greatest (they're very good solutions for the application, but they're still keeping the factory limitations of geometry and mounting points).
The LS2 & LS7 crate motors are good, but they have built in limitations. Factory pistons aren't good for boost, rods in the LS2 are questionable (at least the bolts), and nobody really knows how the LS7 intake will respond to boost. And you can build an awful lot of motor for what the LS7 goes for ($14k to $17k and then you've got to tear it apart and rebuild it for boost duty). The new Warhawk block will be able to go to 427 (and larger) with boost without any fear.
Transmission choice is pretty limited at that power range.....Very few (if any) manuals will get it done, which leaves you picking between automatics. The TH400 is stout, but only 3 speed. The 4L80E is "basically" a 4 speed version of the TH400, but its pretty heavy. The new 6L80E 6 speed would be a potential solution, but so far aftermarket controls are not available and the trans really isn't proven (strength and durability wise).
Transfer case choices are limited if you want to be able to run 4wd on pavement. All of the part time boxes are pretty much out. The Autotrak boxes are potential solutions, but you've still got to work out controls (how / when to flip the front end on, etc).
Rear diff is easy, just pick something stout enough. Ford 9" / Chevy 12 bolt / Dana 60 would all work and not break.
Front diff is not an easy thing though. The S10 front diff is pretty spindly (7.2" IFS), and has no aftermarket support (so no limited slips or the like). The 8.2" IFS in full size trucks is better, but still not great. I'd look at the 8.8" Ford IFS that the Expedition is running. That should be pretty stout (the 8.8" Ford rear is pretty stout, and the IFS version is based on that).
Just a few thoughts.....
'JustDreamin'