Yes, drill and tap for 3/8 npt and if you're using AN fittings, use -8 x 3/8 mip fitting. I never had any issues. More even cooling and also keeps sand and other unwanted material in the block more in suspension. It works well on BB Chev because the water drains are close to the center of the block. On BBF engines it's not quite that way.
Awesome! I will do this to my 496 i'm building! Should tidy up the engine compartment a bit and save a few bucks on hose too!