cast iron heads vs aluminum for stroked 340

Well, I hate to rain on your parade, but What you are doing, many would consider very dangerous. Putting that much power in a soft chassis, is a recipe for disaster.
Far better it would be to put any old 360/4bbl in it and work the kinks out of the suspension,steering and brakes,etc. first. Get the tubs in,tired,geared,and certified.Then, when its finally reasonably safe, you can drop in that monster.
Besides, a torquey 360 in an early A is a lot of fun all by itself.

just saying.

You might have missed it, but he mentioned earlier it had a roll cage in the car.

550 hp sounds very do-able with ported X/J or aluminum. But sounds like X/J heads would have to have a lot more work done to them in terms of labor? and parts?

I'm sort of confused on the reason for keeping the iron X/J heads. Is it:

-less costly because already own nice set? With good reusable? hardware?
-like the look stealth-ness of iron heads?
-combination of both?
-some other reason?

Maybe it would be helpful to figure the cost to do up his existing X/J heads to support 550 HP compared to the other options people have brought up (Indy/RHS X, Edelbrock, Procomp...) ??