A little more oomph

[1] Replacing an AFB style carb [ Edel ] with a Holley would be a backwards move....
[2] Cam is a good compromise for drivability, power, longevity.
[3] I would mill the heads for 9.5:1 CR, even if it means milling the intake faces for intake alignment. Compression makes more power EVERYWHERE, whereas other mods may only make more power in some part of the rpm range.