[LT7A]

Not that you need another opinion, and you have more engine building experience than I do. But I've read the whole thread, and it does seem to be worthwhile to pull your head's and see what you got. Couldn't you add a thicker head gasket if you felt like you were dealing with too much compression? One thing that hasn't been mentioned much is the intake manifold. I didn't see whether you said it was single plane or dual plane. But the previous owner sounds like somebody who might be running single plane. I'll bet with a new cam and possibly a new intake, that you'll be ready to go.