.480/230 cam in an 8.5 CR 360?

Agree with most posts, increase CR, advance cam.

But, at this point maybe consider a regrind of the cam and resurface of the lifters. That cam would probably work as a good core to grind something better suited for your application. I get that budget matters but maybe price it out.
It's not so much the budget, it's the fact that I hate breaking in a cam. I hate the thought, even, of breaking in a cam. So much that my next motor (if I have need for one) will be the '89 roller 360 under the bench. I know that makes me stubborn, even maybe coming across as argumentative (or unappreciative, which I'm certainly not), and for that I apologize. Remember, you can always tell a Norwegian, but you can't tell him much... Though I've put less than 50 miles on the car since this motor went in, when it was still in the '79 3/4 ton it came from, in original rebuilt form, I ran the snot outta that thing. And since the cam and lifters look fine...