Long time coming, but I'm building a little bracket car

I'm retired and my budget is pretty much only limited by the fact I like to build stuff cheap. The car is going to be gutted so like you said I can lose weight with some fiberglass. I'm really only doing this to clean out the garage, tired of all these things sitting around. I like to race but have no interest in beating the world so if it runs high 7's in the eighth I would be happy. I would like to stick with SS springs and a pinion snubber and some subframe connectors. I really don't want to get into a caged car even though I might later. Really just want to entertain myself. I used to drag race (and street race) and I really enjoy it. I only live about 8 miles from Ohio Valley Raceway. I do a lot of swap meets and thought it might be fun to have a car to race while I'm there.
The 408 short block I have built already was built on a 5.9 magnum block. Forged crank, eagle rods, probe flat top pistons, zero decked and neutral balanced. Only problem is with Magnum style aluminum heads it will still be close to 12.5 to one comp. so I guess pump gas would be a no-no. How much comp. can you run with E85? I might just pull the reciprocating assembly and put it in the 1971 360 block I have. I would probably be better off running pump gas but racing gas is not out of question.
Who makes the best aluminum Magnum style heads? With some of the cams I already have and the 1.6 rocker ratio on the magnums I could get into the .550-.600 range pretty easy. With 12.5 comp and a M1 single plane and an 850 holley might just be the ticket. If I could pull 450 hp I would be pretty happy with that.