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Is the current camshaft a solid roller lifter, solid flat tappet lifter or ? I'm thinking the duration at .050 is where your sh Cams XE---HL grind hydraulic cams in them, I would probally use the XE285HL grind in your motor





10.5 to 1 with aluminum heads is already in 89 octane area.

241 intake duration on a 500 inch engine will be mild like a 230 duration cam on a 440 inch so that and the corresponding valve springs with a nice 800 to 1000 holley with power valve in the 6.5 to 7.5 area should be all you need.
Even a nice 3310 holley with vacuum secondaries will work nice!