static and dynamic compression and pump gas

I've run iron heads on a 351C with quench at 8.3 DCR. Cranking pressures in the mid 160's at 1500' elevation IIRC. Had to be cautious with timing but it was fine for me as it was for general use, not racing. 3.08 rear axle, stock TC, and even towing with it are things that would tend to get you into 'detonation-land' but once I got the timing right, it was not a problem. Sorry, I can't give you timing numbers.... over 40 years ago LOL; it was not far beyond stock numbers but came in faster IIRC with the Accel distributor. Noticed a bit of a tendency to ping when going to sea level, so I was pushing timing as much as I could. 93 octane. 18-19 mpg at 65 mph so very small cam and lean carb.

The current 340 in my son's 'cuda runs with quench gap in the low .040's, Edelbrock AL heads and 8.0 DCR; never has even suggested pinging. 155 psi cranking pressure at 2400' elevation. Timing: initial of 15 and total in the 36-ish range. Vacuum advance is used too as well as running AFR in the 15's for level cruise. 93 octane. With a 2200 stall TC, 3.55 rear gears, a light car, and no towing, I don't ever expect any issues.

So what the OP has is quite doable, in my humble experience.