There is one word in your post that tells me you should have a mild 454, that word is STREET. Leave the 427's to the guys that have to figure cubic inches to car weight to make a certain class. Build a 454, 9.0:1 to 9.5:1 and use a cam that matches the static compression ratio.
http://www.crankshaftcoalition.com/w..._compatibility
This chart was made for a small block Chevy, so with a 454 you can use a little more cam than what the chart recommends, but only a little more.

The most important thing you can do for your new mill is to engineer the squish/quench to 0.035" to 0.045" to prevent detonation on pump gas.

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