Nothing wrong with leaving some power on the table in a street car that you'd like to have decent manners in.
THe large cubic inch and milder cam makes for a fun, well mannered street car that will easily hit low to mid 11's.
Of the 2 original cams proposed I'd pick the 248 @.050, .566 lift on a 111 LSA.
I also like RRR's suggestion as well.
While I'd certainly think a custom grind would be the way to go with this engine. Crane make a 254/
[email protected], .590 lift, 112LSA that I think would be real happy in your combo.