Well, (thoughtfull pause) it kinda depends...
Now here you have to do some HONEST soul searching.
What are you going to try and do LONG TERM?
If you want to do it the right way in a long term sense, then you throw the "budget" idea out the window... cuz what works for "budget" does NOT work for 500hp long term build up.
Know what I mean?
If you can spend the machine work money on a little better parts then (imho) I would go with;
- edelbrock performer rpm intake it can work with 2v heads now and still be useable up to about 500bhp with some mild porting later on...
- then I'd ditch the US 2v heads (i'm ass-u-me-ing they are US spec) and spend an extra $3-400 on ausie 2v heads; they will still work good at lower power levels, but they can be ported later on for BIG power (much better chamber design than US heads).
here's a source:
Aus Ford Parts - Aussie 351 Cleveland Specialists
- if you're willing to spend an extra $6-800 in the interest of long term use, then yes get a set of stainless valves with undercut intake stems and put a nice swirlpolish on the tulips before ya put em in.
(have a drill press? have a sanding roll on a hand held drill or high speed grinder? valve in press, turn slow, dust with sanding roll and viola: swirl polish

)
* but for low power / low rpm budget build, you wouldn't need trick valves.
* this will also likely require added time in the heads (good 3 or 5 angle valve job) and guide plates, hardened pushrods and roller rockers. (all adding to the cost - hence the $6-800 price tag for this)
But again (imho) this would be a good step in long term keeper thinking... cuz a good set of Ausie 2v heads with good valvetrain can support 500 real easy, (there are guys down under making 700bhp with em) so basically you'd have the last set of heads youd ever need for it.
Some other free stuff you can do (since you have machine shop background) is polish out any and all sharp surfaces inside the combustion chambers.
- unused plug threads, valve reliefs in the pistons, chamber to squish transition edge, etc... nice smoothe corners, no
sharp edges.
Spend a little time making sure to match the intake runner transition from the manifold to the heads (dont forget to acount for gasket thickness when doing the mock up)
Geat a Wilsons manifold 4 hole spacer (improves vac signal to the venturis and adds just a touch to plenum volume) good for 5-6-8hp/tq on virtually every single motor Ive ever seen one tested on.
Petronix makes good stuff (imho) so distributor should be fine, good cap and rotor, plugs, wires..
And for GOD sake... after you go through all this work to build a motor, put a decent F-ing exhaust system on it.
I see guys spend 10K on the motor and put a crush bent midas exhaust system behind it, that chokes the s*** out of it.
For like 3-400 you can get a 2.5" mandrel bent (generic) weld together system from Summit.
( I used to have some Cleveland build up articles at home, I'll look around and see if I can find any of em... give you an idea of what to expect )
Maybe go one notch bigger on cam than what I originally posted, for the ausie heads and edel intake. (add 10 degrees duration and maybe 20 thou of lift...)
Hope some of this helps... FREE advice always being worth the
cost.
Dave
EDIT: there used to be a guy on here who was a HUGE cleveland nut... DHEARN *i think* ... or something like that... you might do a search on here for cleveland threads and read em, or maybe send him a pm. He would likely have some good advice.