W5 Pros & Cons
I'm running the blue plug W5s on my Arrow, but I don't know what has been done to them as they were on the engine when I bought the car. They do perform well, and I'm not seeing much in the way of the porosity issues that they are known for.
One of the cons is limited choices when it comes to rocker arms. There are only 3 sources that I'm aware of, Harland Sharp, T&D and Jesel. Both the T&D and Jesel setups require machining of the heads and modifying the oiling system to oil through the push rods. They are also expensive. The Harland Sharp sets are reasonably priced and their customer service is top notch.
I agree with what the other responders have said about going with Indy. I'm actually considering switching from my W5 set up to Indy heads and intake over the winter.