This is a 440 block bored to 4.34" (0.020" over). I put my TF 240 heads on the block and traced the outline of the combustion chamber on the deck surface. As you can see the chamber is larger than the bore around the intake and exhaust valve (area where I wiped the marker away). Maximum distance is 0.1"
Should I notch the bores to unshroud the valves or just run it as it is?

Compression ratio is not a concern as I still need to order pistons (I need a custom dish anyways so I would just make it smaller).

I'm a little surprised that that is all the smaller the overhang is. Did you put the gasket on the head to see how it lines up and then put the gasket on the block?

Folks will debate the merits of notching the block. I see no down side, and possible upside.

Lay the head gasket on the deck and see what it looks like. You can use it for a template of how far to notch it back. The head gasket must be at least .015" back from the bore.

IMHO the intake notch is far more important than the exhaust notch, The intake force is relatively weak (2 Hg" vacuum), the exhaust pressure is huge. Every Chevrolet L6 engine built 1929-63 (and many Mercedes L6) has the exhaust valve badly shrouded by the block and they all worked OK.

Run it as is
The 426 C.I. 4.250 bore Max Wedge blocks had to be notch on the exhaust valves(1.88 size) to clear the valves, I'm sure it was done for valve to block clearances, not to improve air flow
Along those same lines no one in any type of racing has found any gains from doing that on any BB Mopar blocks, even with B1 heads
Don't fix what isn't broken

Haven't put the head gasket on as I wanted to see how the chamber to bore overlap looks like. The head gasket is larger than the chamber but if I decide to notch the block I would only go to the chamber outline and not the gasket.