Welcome from Oregon!
For my truck and its 454, I will be rebuilding and installing a set of the L-29 Vortec big block heads for it.
Mine still has the low compression peanut port heads like yours probably does.
The sad 8.0 to 1 compression ratio is lack luster currently.
The Vortec heads offer a 100cc fast burn combustion chamber versus the 113 or so open chamber the peanuts offer. The smaller chamber size will bump the compression ratio approximately a point to 9.0 to 1. They also have larger intake runners than the peanuts for more flow.
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Just the head change is supposed to net a difference of 30-40 hp and similar torque from the internet research I have done.
These are the head gaskets that were recommended to use.
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I have pulled two sets of them out of the local Pick-N-Pull for $80 a set plus fees.
I am no master mechanic, but I am willing to learn and buy the tools needed for the swap like you are.
While we have it all apart, this Edelbrock Performer intake will find its way onto the engine instead of the stock iron one that comes off.
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Of course you can also have the peanuts rebuilt and they can be made to flow well for better performance in all RPM's as have been demonstrated on the forum as well as many others across the internets.
Before you make any decision, do loads of research to see what others have done. None of what you decide to do is going to be original, there are always examples of others work out there to see what has and has not worked.
Here is a great place to start reading up on things....
PEANUT PORT HEADS WITH RECTANGLE PORT GASKET ABOVE 346236 1975-87 454 Open 113cc .PEANUT SLIGHTLY LARGER, COMMON EARLY OVAL PORT HEADS WITH RECTANGLE PORT GASKET BELOW polishing and smoothing these combustion chambers,surfaces, removing the sharp ridges etc, has shown noticeable benefits in...
garage.grumpysperformance.com