Eric is right, getting a heavy car like a 79 T/A into the 12's isn't easy, but it isn't too difficult and still remain streetable enough to drive on a daily basis. It sounds like you're putting together a combo similar to my 79 455 T/A.
I'd go with at least a 3.23 gear, but a 3.42 or 3.55 would be a better choice if you want to run 12's. It can be done with the 3.08, but it won't be easy. I've heard examples of people running as quick as 12.0's with a pump-gas 455 and 3.08's, but I've never seen evidence (especially not with a brick like a 79 T/A).
With the engine mods. you listed, I'd go with something close to a R.A. IV grind. Try the Comp-280AH10 grind with standard lifters (not Rhodes). It specs out at 232/237 and will provide .531" lift with 1.65 rockers, on a 110-LS. Comp recommends it to be installed at 106 int. c/l. I ran this very cam last year in my T/A, installed at 108, and at 4100 lbs. (yes it was that heavy with me in it) with a 3.23 gear she ran a best of 12.78 @ 106-MPH. For more info on the combo, check out Bill Boyle's website at boyleworks.com/ta400 under the "torque power" section. There's also about a dozen other combo's listed there that are excellent choices.
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