Cutouts for Strip only, beneficial?

I don’t know the weight of your car, or your track day weather conditions, but I think a 10.8:1 CR, 500 in motor w/ TF heads in an A Body is normally a very low 11 sec. street car. I don’t know if cut-outs will help, but I do know that you don’t need them for low 11s.

I really think that tuning and track time is what you likely need, unless there is something else amiss. Based on what you’ve posted, if there was one thing I’d change, it would be the cam. Not a crazy change, and with that, you should be looking at 10s, IMO.
I have considered the cam change and that may happen next winter. I should update the specs on the car to reflect the 1.6 rockers. The lift is actually 550/573 with those. Andy Finkbeiner reviewed my datalogs and said that my torque converter was actually performing like a 4500 stall instead of the 3000 that it is rated at. Andy also did a great article on rockers but found no advantage to higher lift. His car was pretty well maxed out for intake and head flow so maybe that was not a limiting factor. This year I am going to work on the EFI tune, suspension and driver skills. It is so streetable right now, I would hate to mess that up.