I am shy of that number by a very small margin, and my car is very reliable. I wouldn't hesitate to drive my daily anywhere. Then again I don't beat the piss out of my car and only drive maybe 8-10K miles a year. I think reliability has alot to do with how well you maintain a vehicle regardless of the power.
OP-350whp will require extensive mods, but is doable. You just have to be ready to fork over the cash.