For my 69 GTO vert, I had my 71 YS GTO block rebuilt with the same intention as you (about 350 hp, just a nice cruiser motor) with an .0030 overbore. I reused the 96 heads and kept the compression at around 8.5 (maybe even a little less) with the intention of running regular gas. 87 octane and no pinging even on hot summer days. No port work on the heads, just some casting flash clean-up and gasket matching using a Performer manifold (this was probably a mistake except for the weight savings) a Melling cam 2801 style, and R.A.R.E. exhaust manifolds with a 2-1/4" exhaust. HEI distributor, 3.23 gears and a T-400. Certainly not the fastest car in town, but it's no slouch either, and does what I want it to do. ( I have driven this car on vacation to northern Minn, also make sales call in this car) As someone used to small-block chevies and high revs, I remember my engine builder telling me "you'll be surprised at what a low-compression Pontiac motor will do." He was right. IMO, some of the best money spent was the exhaust manifolds.
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