1971 340

JMHO..... Look at head flows for the Edelbrock Performer RPM heads on their website; that is where you need to be in flow levels to have that HP level with a decently broad torque curve too. Get that flow in any head and get near to .525-550" lift and you will be there with standard stroke, with a pretty typical SBM cam profile, a good intake and exhaust, and modest sized carb. (I just reread El5Demon340's post.... looks very similar.)

The CR as suggested is good for general drivability. No need to go up to 11:1 at all IMO, and may be an issue for detonation unless you put in a longer duration cam...which in turn makes street driving suckier. I would stick with the 10.5 max for any street use, and look at some AL heads. But you have not said what you want to do with the car to see if that is needed...Is this purely for drag racing or street driving too? Any long cruising miles? That can make a big difference in the best plan of action.