critique this Magnum hop up, swap.

Definitely clean up the bowls and port match intake/exhaust. The valves don't really have a big ridge so back cut is your call. The guide supports in the bowls are huge and I removed at least a 1/4" on the intakes. Most of the exhaust seats had 90* ridges in the exhaust bowls.
I run a pro products knock off air gap and found a 1" 4 hole spacer works best.
If you run the thin gasket make sure the heads are flat. The gasket bore diameter is 4.180 so you don't really gain much CR over the stock head gasket 4.020 diameter. I had my heads milled .010" and ended up at 9.3:1
Make sure you check P to V clearance. You have no valve reliefs and if you really advance a cam you may have issues.
Stick a chain tensioner in there when you do the cam. I run a Lunati custom hyd roller 234/236@50, 495/475 lift, 108 lsa, 106 icl. I was able to reuse the stock pushrods and MP Magnum springs.
I would definitely put a better converter in. I run a Turbo Action 10" S800 tight converter and love it.
My car was bone stock Magnum 360/300hp crate motor/stock converter/low gear set 904/3.91 ran 12.7
Home ported heads, air gap intake, custom cam, TA converter best so far 11.86
If the track is not busy I can make 8-10 runs at a TNT session, cap the cutouts, and drive it home.