It sure does, and it's a lot easier if you aren't chasing every last HP. Most of us have no need for a max-effort build, regardless of budget, unless we really want to go fast. Many times, driveability or "cool factor" can trump that last few HP. A 409 based engine with a 3.5" crank has no need for a rod longer than 6" (look at your typical 350 sbc) except that the long rod forces you to use a much lighter/shorter piston, which is very important, and it also enables you to use a heavier, stronger rod if you feel the need or have them sitting around. Most street types could get by just fine with the 409 rods, a good inspection/prep and a good set of bolts. Like Don said (more or less) "what do you want it to do?" . If you are pulling the plug at 5500, no problem. If you watch Roadkill, better get some rods.
Same with the cam. There is always an optimum combination, but it doesn't have to be rocket science and it doesn't have to be the latest 4-pattern whatever to work for you. It usually boils down to how much driveability are you willing to sacrifice, what type of accessories you need to operate (PB, A/C etc), will it use EFI or power adders and how well it can be expected to "live" without excessive care and maintenance given the frequency of operation and mileage it will see? So there are many makes and grinds that will more or less work, and this group does a good job of offering up a ton of knowledge and experience. You are a lot better off here than on some of the other online boards, trust me. This is far and away the most reliable and reputable source of info that I have seen.