You could have Modern Cyl. head CNC port your existing heads. My MP heads are just aluminum versions of the cast iron heads you have...ported they flow 430 cfm and make somewhere close to 850 hp N/A on pump gas on my 572" motor. Get a custom roller cam for it and put on a Stage V dual quad intake. This is assuming the bottom end is in good condition and would be a hell of an upgrade over the standard crate motor.
Like EV2 said, those crate motors have a horrible reputation for build quality and have all kinds of issues.
CHIP '70 hemicuda, 575" Hemi, 727, Dana 60 '69 road runner, 440-6, 18 spline 4 speed, Dana 60 '71 Demon, 340, low gear 904, 8.75 '73 Chrysler New Yorker, 440, 727, 8.75 '90 Chevy 454SS Silverado, 476" BBC, TH400, 14 bolt '06 GMC 2500HD LBZ Duramax
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