Here's what I'm running in my car. It's a '95 Mustang GT, and it's been converted over to carb.
My first time out with the 347, it was still fuel injected. I ran a pair of GT40 heads (not the Ps..........that's where the headers/heads not matching up comes into play), Lunati 1087 camshaft, Cobra Intake, 4.10 gears, off road h-pipe with 2.5" exhaust and shorty headers. Stock injectors, throttle body, mass air meter, fuel pump and pressure. Ran 12.78 @ 108.50 just as we lost a head gasket. Had idle probs out the wazoo because of the EEC.

Off subject, but IMHO, the GT40 heads are an EXCELLENT choice. Hell, they propelled me into the 12s as a 302!
Second time was when we converted to carbed. We ran two Edelbrock 600 cfm carbs, a Weiand Tunnel Ram, Victor Jr alumnum heads, and a TFS stage 3 camshaft (this is .574/.595 lift). Everything else stayed the same (exhaust, gear ratio, etc). Had some tuning issues and didn't make it to the track, but the car did feel stronger. I attribute the added HP to the better cam and heads, and the loss in low end to the tunnel ram, which was too much for our set up.
This time, we're coming out with the TFS stage 3 cam, Vic Jr heads, and pretty much everything the same. EXCEPT........we bought a Performer RPM intake, and we're gonna run a single Edelbrock 800 cfm carb.
When looking to choose a cam, we need to know what kind of RPM you'll be looking at; if you're going with a power adder or staying N/A; and if this is a street car or a race car. IMHO, off the shelf Motorsport cams are EXCELLENT for 302s, 306s and the like. But when you get up in the cubic inches, the cam physically acts smaller (hence my running the Lunati for less than 200 miles). I read somewhere that when you're stepping up almost 50 cubic inches, you're losing like 8* of duration. If you need ANY help whatsoever, please feel free to email me, or my husband Jerry @
fivelitergt95@hotmail.com .