If you have the time and talent, the iron GT40's do well ported. But like everyone says, there are significantly better aluminum aftermarket heads out there if you have the money.
The production iron heads can make good power with very well matched combos. A good friend of mine built an '86 302 with ported iron GT40's, '94 cobra cam, 1.7:1 rockers, long tubes, 3.27 rear, FM GT40 intake, t5, and ran 13.2's @ 104 with wheel spin through first and part of second in his '86 convertible. That was with a mostly stock suspension and the late 90's BF drag radials.