RRR,
Not bad call on the CR. Nominally, Ford called it an 8.0:1 CR.
The 351C-2V and the 351M used very similar small passage heads. The situation on this motor sounds a lot like the 318. It is easy to over-cam and over-carb. Since the M motors are so similar to each other and to the Cleveland engine, suggest considering a 351C-4V heads for the 400 in order to avoid the same situation on your build up.