That calculates to just over 9:1. Will run well on 89, probably just fine on 87. The round port head has the "old fashioned" Edelbrock chamber. It "likes" more timing than the stock heads. 38 "total" isn't uncommon. Unfortunately, the valve placement isn't much better than the factory large-valve heads, and the small bore will inhibit flow (shrouded intake valve). Lift should be kept under .550". There's a good chance for valve-to-block interference too, so be careful.
In the light car, this thing should catch revs very quickly. You may have found the one application where the 350 Pontiac can give 350 Chevy a problem. With the flow of an "out of the box" E-head, the little engine can see 7,000 RPM easily. A solid roller and all the trimmings would make it a very potent Poncho... But always remember, the 350 has the same "issues" as 400 and larger. The connecting rods... The smaller bore does nothing for the rod bearing and cast rod...
PM me and I'll make a cam recommendation.