I'm building a 318 in a similar fashion with a Hughes cam that is a little lower, but still lots of ramp.
I set up a fresh, twin carbed 426maxwedge with a Hughes high lift with points ignition. It was sort of nerve wracking, but I did the same thing that Moper suggested above; double checked distributor, wires, confirmed spark by rotating the distributor, loose, past the breaker with the ignition in run position, with the wire pointed at the exhaust manifold, primed the carbs with a squirt bottle into the fuel feed line until the bowls were full, then down the primaries on both carbs, good break in lube on the cam from the manu, matched springs, put rocker shafts on after flex plate install, good oil with zinc additive and break in sequence as per their suggestion in RPM bursts, etc.
Just had the ignition in run to final check spark, triggered the starter relay with a manual button, gave the idle speed screws a couple of cranks each before starting, to get RPM up on first start, timing light in one hand, start button in the other, kicked it over, set the start button down, grabbed the dist cap, rotated it, then dropped the idle screws, played with dist cap a little more, then ran it through RPM cycles. Everything went off without a hitch. If I had to do it again, I'd have sent it to the exhaust shop for a full system, instead of open tubes off of the ramhorn manifolds and I'd probably wear ear protection. Scared the daylights out of my boss, when it started. He wasn't expecting it!
I use the Not For Street Use Valvoline VR1 for break in and depending on the engine - it might be the oil spec'd for it's service life.
VR1 would work great for break-in. The reason they don't want you using it on the street isn't so much because of the more modern zinc restrictions in oil for emissions, but rather because VR1 and any other modern race-spec oil is devoid of the detergents in the additive pack that keeps carbon/sludge buildup from accumulating in the oil areas. Race engines are typically higher maintenance and usually don't survive long enough to need detergent in the additive pack. They don't get as dirty inside, due to frequent changes and more frequent disassembly and reassembly.