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Seems like even with low comp, You should be able to squeeze 400 hp out of it with some good machine work. That may get you into the low 12 to mid 12's

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12.50 et or less is real. 400-425 hp is about right. 452's are a little easier to work with to gain power (bigger valves, some pocket work). since you have them milled, you may go up in the comp ratio, but not by much. Excellent point from the other members is to get a cam, matched to your specs and advance in the intake centerline a bit more to raise cylinder pressure. Check piston /valve clearances though. However, work the chassis to transfer the weight better and to HOOK
WELL. Basic stuff - front end rise/alignment, frame rigidity, solid crossmembers and sub-connectors and by all means proper rear shock travel. You can have power, but without a solid foundation to transfer it from the frame thru the rear wheels and, finally to the ground - it's pointless!! Food for thought.
By the way, do you have a TQ or a Holley sitting up top?