Will this work on the street?

I'd be worried about the compression ratio. A thicker head gasket can help but I don't think it'll be enough. Then again, if the price was right, I think a set of Keith Black pistons would be a fairly cheap fix for it. Cam is probably a bit much for the street too, but if it has a long enough duration that helps bleed off some of the cylinder pressure. If you're going to change the cam anyway, do the pistons too.

This is assuming the high compression ratio is due top the pistons in the engine. If somebody milled the heads a bunch to raise the CR then that's a bit of a different story.