By the time you spend the money to have a set of Chevy iron heads worked over, you'd be just as well off to buy aftermarket aluminum heads.
Keep an eye out here on RJ for Dart 320s or Dart 325 Pro-1s. Either can be had ready to run for about 1800.00.
Just do yourself a favor and stay away from the cheap Chinese crap that copies all of the innovations of the USA manufacturers. Tolerances vary greatly on those heads.
Try and stick with known brands like AFR, Dart, Edelbrock, Brodix, etc.
Search away:
http://www.racingjunk.com/category/1...ds.html?page=1
For compression, to put it in the mid 10s, probably going to need to be 11:1 or higher.
Cam, mid 600s for lift.
Of course, keep in mind, with making power, you better have the transmission, rear end, suspension, etc to make it all work.