Both have their advantages and disadvantages.
Both can make big power. The 454HO and the ZZ383 both make 425 HP out of the box, but the 454 makes more torque. But the 454 has the potential to make more power than the 383 with the right modifications.
But the 383 is a lot lighter than the 454. A lighter car can be more nimble than a heavier car. Also, small block Chevys are cheaper to modify than big block Chevys.
Looking at some of the other answers, I think it is funny that someone who claims to have been a mechanic has never heard of the very popular Chevy 383 stroker. GM even sells this engine, the HT383 (GM PN 12499101) and the ZZ383 (GM PN 12498772) in their GM Performance Parts program. So I would question the knowledge of these people who claim to be mechanics.
Anyway, why waste your time and resources in pointless street racing where you are endangering innocent bystanders.
Do this on the track instead. Here you may even make a little money to help cover your expenses. There will be a sanctioning body with a rule book and inspectors so there is a level playing field. This same rule book will help make sure your car is built as safely as possible. The spectators will also be safe. If you crash, there will be paramedics and an ambulance on site so you will be attended to in seconds. Who knows, you may even make a few fans, which can be cool.
There are several classes of racing availible. With these classes you sill be up against drivers with similar skill levels and equipment. This way, no one has any unfair advantage or disadvantage.
Go to your local track and check it out. Get a copy of their rule book. There will be several classes so you can choose one that best fits your wallet. Start with the rule book so you don't make any modifications that you can not use.