Thanks for the advice guys. New heads weren't really in the budget for me, I was going to keep the old ones but they're pretty bad. I figured I'd save money by getting a set that was already refurbished for around $250 and selling mine old ones for $50. I couldn't find a set of GT40s in that price range that were ready to go. The E7s are getting thoroughly ported. My high school shop instructor knows a guy that will port them for free and he does really good work. I sent him a porting guide I found that shows the areas that need work. The end product should be pretty close to as cast GT40 performance if he has time to follow every step. We are hoping to have the heads ready and the block back from the machine shop a month or so since Christmas is coming up.
I wasn't going to replace the cam either but the original one was badly pitted and couldn't be saved. I had originally planned on doing a stock rebuild, I was only going to upgrade to head studs and get good head gaskets. I wanted to save my money to beef up the trans
., brakes, and suspension. I want to build a safe, solid cruiser with decent handling characteristics. I'm also considering adding a turbo later, probably in a few years.