What is a 408???

The heads you are looking to get (RHS LA-X iron) are perfectly fine for 300 hp and probably 450-500 with porting I would definitely jump on them. Only advantage to aluminum IMO is the lighter weight mainly if you're looking to go fast around corners. And I just sank about $2k in a set of Edelbrock RPMs, not bad considering they were ported but still...
I think it will be a good street set up and still fun to beat on