check out this 454 build.
565hp with 8.25:1 cr, cheapo summit flat tappet hydro cam and stock pistons.
Then 736hp with a little 150hp shot of NO2.
all for $2500.
You don't need that big a cam or that much compression. 9.8:1 is enough for a 454 and a cam with around 250 degrees duration at 0.050" lift. Should be able to make more hp than you can stick down on the ground.
that with a 3500 stall, 4.11 gears, in a lighten nova should get you easily in the low 11's at 120mph