The exhaust is hurting.
Pick up a 17" snowflake and pick up a 15x8" Prostar wheel! Slicks are lighter than even DOT sticky radials.
Betting the convertor is too tight, but then you get in the "too loose for street". I have a 3000 10" that when I had 3.42 and cruising it would start to flash up with load going over an overpass on the freeway! The Continental does not do that but does flash-mine is just a click tight for my cam.
I agree the cam is good for the heads/intake I just think all are a little big for 3.42s and a tight convertor. My E Head motors use way more timing but are the older chambers 38 and 40.
Sounds like the car is set up for handling-so you also have to look at what aspect you are shooting for cornering/autocross or drag. My forst 455 the car was set up for autocross and even with drag DOTs on the rear it only ran 12.20s @117! You could have a set of lighter drag wheels/tires to swap on. Bump the timing to 36-38-something you can do at the track. Next step you could try footbraking up the rpm, or a different convertor.
FWIW I had a third convertor I am about to try on my IA/Camaro as my 60 fts on it are soft also.
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Skip Fix
1978 Trans Am original owner 10.99 @ 124 pump gas 455 E heads, NO Bird ever!
1981 Black SE Trans Am stockish 6X 400ci, turbo 301 on a stand
1965 GTO 4 barrel 3 speed project
2004 GTO Pulse Red stock motor computer tune 13.43@103.4
1964 Impala SS 409/470ci 600 HP stroker project
1979 Camaro IAII Edelbrock head 500" 695 HP 10.33@132 3595lbs
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