you loose 1cc in the combustion chambers for every 0.006" milled off a quench chamber head. This is Ford's number, not mine.
You juggle static compression ratio and camshaft timing (specifically the intake valve closing point) in order to attain the proper dynamic compression ratio. Dynamic compression is the more important number. For premium pump gas you want the dynamic compression ratio in the range of 7.5:1 to 8.0:1 with iron 351C heads. 8.0:1 is pushing it.
The camshaft with 0.505" valve lift is a grind originating from Ford, but copied by everyone. The original spec closed the intake valve at 74 degrees ABDC. It is a hydraulic version of the Boss 351 cam. It has a burbling idle and a very wide power band. It will make peak horsepower around 6000 rpm, depending upon the combination. Its a nice strong daily driver street cam, and I know guys who used for road racing too.
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If you use a 351C 4V powered vehicle for a grocery getter ... the eggs aren't going to make it home!