I would get a bigger set of heads... a 408 needs to breathe. I have a custom 1 off set of AFR 205s with a smaller intake valve for a 5.3L that almost flow 300 CFM. We specifically used the 205 casting because of the bore size and the small combustion chamber. Mine are 61cc but it's not 87 octane freindly combo. Unfortunately the motor cost more than the truck and for that reason alone I won't install it and drive it on the street. I know it will make an easy 500HP on the dyno.
As for the cam, the larger displacement will usually eat up some of the bigger cams since they require more air flow to feed them.
If I install 1.8 rockers puts valve lift at ~.580-.600" which is ~243cfm with 317s, yes heads/cam are choke point.
If the engine was going to spend more time between 4-6000+rpm than 2-4000rpm, I promise you, I'd be building it differently
I'd be looking at 230-250cc heads if I want a big RPM motor, but that would cost me a lot of efficiency at 2-3000rpm
Frame is very clean for an Ohio truck truck, body rockers and behind rear tires are going...isn't worth anything really to anyone but me together,