Save the W2 for a race application. The Edelbrock well ported will make the power. It will not even require a big cam. IMO, you’re on the right track. I’d use less compression (11-1 or s still more than enough.) and have the heads and Victor ported. A 1-3/4 header into a 2-1/2 exhaust with a flow through muffler like an Aero Chamber, Maxflo etc…. Will do it well.
A 750 will work. An 800 or better will be fine as well, a little more power on the pedal feel and a minor gain up to. Probably not worth it for a street cruiser doing shows and other like fun stuff.
IMO, the factory Hyd lifter is OK. A bit heavy. IMO, I’d move to a solid roller. Set the valve lash once a year until you’re happy with it not needing adjusting that often. It should just need a quick check every spring and that’s it. Lighter lifter, more RPM, quicker rev’s, win win!
This is a FWIW, the W2 works best when you use a large cam that hangs the valves open for a long time and then a bunch of rpm’s.
The difference between the “Econo” head and the race head is just and only how the rockers attach to the head, with stands or so hour stands. Both perform the same.