I am also contemplating this swap with 5.0 heads on a classic motor. What i want to know about is the push rod length and how the rocker arms are going to work. Next the Hi po heads are cast iron but they are still better than the E7 TE heads but they will also probably cost you alot more. here is link to a site with flow data on both heads.
StangPro.com - Ford's GT-40P Cylinder Head.
As far as a power increase you probably won't be able to tell the difference with the e7 heads for the trouble it would be to change them.