The 1800-5000 is the usable rpm range, or basically the camshaft's powerband. Peak hp will typically occur between 300 and 500rpms lower than the upper listed limit. So in this example peak hp shall be anywhere from 4500 to 4700rpms (per chassis dyno with a warmed up 345 and that cam).
Not putting anyone down, but just because someone builds "race" engines doesn't mean they'll automatically do everything to your "street" engine that they do to their "race" engine. Sometimes these people see this as "easy" money and will do only what is required unless instructed to do more.
Personal opinion, but as others have mentioned, if you're spending a fairly large sum of cash on the build, another $100-200 is worth it in my book for a smoother (probably longer living) engine.
IH sv v8's are externally balanced, and will require the flywheel/flexplate you plan on using. If it's a flywheel, get it resurfaced before balancing, if needed. Along with the front balancer hub/hamonic balancer and other internals listed in this thread (repeating robertc I know). Another item that some people don't look at is the pressure plate/clutch assembly on a manual trans vehicle. Most pressure plates aren't balanced to very tight specs. Example, my friend put a new clutch/pressure plate (big name brand) in his vette and it had a odd vibation. Pulled it back out, took it in and had it balanced (don't remember how far off it was, not much), now it's silk. Just more to think about.
On the term of balancing, another opinion I have is weight, or lack of it. I like light weight internals, something IH isn't know for. But you can have weight removed from various parts and places. The mallory metal isn't required when balancing an engine unless you add stroke (and a fair amount) to the crankshaft, or add weight to the pistons and/or connecting rods. So no worries there.
Picture of some connecting rods.
Top connecting rod is a stock 216114r21. The bottom one is a lightened 309253c11. Both weighted roughly the same stock, 960g for the 216114r21 (stock) and 955g for the 309253c11 (stock). That's total weight, of the rods. The 309253c11 weighs in at 860g as pictured and lost a few more grams before everything was finished. The weight loss resulted in no loss of strength. In fact, every gram you can remove from the pistons and small end of the connecting rod will remove stress from the connecting rod, thus making it more durable.
Careful on selecting aftermarket rod bolts for the endcap style rods. IH uses the bolt threads to align the rod with the cap. Most arp bolts are too short, or have a short threaded portion allowing the cap to "float" on the rod. I need to do some digging to see what arp bolts mimic the stock IH bolts.