Cam choice

First thing is you need springs. The TFS kit is the most economical. Trick Flow Specialties TFS-2500100 - Trick Flow® Valve Spring Upgrade Kits – SummitRacing.com Also, most people seem to like the TFS1 cam, it has just about the perfect specs for the gt40/p heads. Trick Flow Specialties TFS-51402000 - Trick Flow® Track Max® Hydraulic Roller Camshafts for Ford 5.0L – SummitRacing.com

Don't forget about custom too, this will give you the best results. Camshaft Innovations - Home
 
Stock valve springs can barely handle the stock cam, especially with some miles on them. I would say valve springs are a must. I have seen way too many engines gernaded due to people putting in cams with stock springs, bent valves at a minimum.

Yeah, a big cam might sound great, and might give you a little more PEAK horsepower but at the same time it will slaughter the rest of the powerband. Actually, it might even hurt your peak horsepower. Something mild. E-cam or a custom or comp cam with about a 214-218 intake and/or a 218-224 exaust will do you well.

Really I would recomend heads or some headwork.