Is this a good candidate for magnum head conversion?

Hi Steve. For what your looking to do and if the engine is tight and runs well as is, i'd look to adding the headers/exhaust first, and then go to a streetable torque converter with a 3000 or so stall speed. Assuming you have a fairly low compression build, that should pick it up quite a bit for the $$$ spent. Not to mention that those parts can work well if you go bigger down the road. I will add that you have enough gear to use a more modern cam in the range of a Comp XE262 or a Lunati Voodoo 60402/10200702.

I guess my opinion is, if the engine is solid, i'd skip the head conversion as a bolt on boost, for what you need. If you decide to totally build another engine down the road, the Mag heads may become a option.