Save for the cam (I have a Comp roller) this is almost a copy of my setup in my 91. I'm running a FS short block, about 10:1, TFS 170's (unported), a TFS "R" intake, and shorties. I don't have any dyno numbers, but it pulls harder then my Cobra (which makes about 300-310rwhp). I know I could have more out of it if I had LT's and ported the heads, but I didn't have the $$ for the porting, and I didn't want to deal with LT's on the car since I drive it a lot.
I have the TFS TW 170's on my 347 and at 1st they were just a cheap option till I could get better heads, but they seem to be working out well for my current combo. My ET's arent that good but the car traps nearly 120 mph in the 1/4, but only 90-91 in the 1/8 because I cant begin to get it to hook up on DR's. Once I get the 1/8 to where it should be it should be mid 120's in the 1/4.
A guy on the corral has a 347, TW 170 heads, TFS 3 cam, Victor 5.0 intake, 90mm TB, 1 3/4 LTs with 3 inch exhaust. Best so far is a 10.67 at 127 with a 1.43 at 3100 lbs. For as cheap as a set of 170's can be bought, along with your modest goals sounds like a good choice.
Not a bad combo we put together huh Bob, at 9:1 comp that thing really does make great power.
I'm a little partial....But i wouldn't spend all those big $$$ on intakes and heads to build up a 347. At that point it would just seem more logical to build a 351-408. Stronger factory blocks and plenty of room to grow. Machine shop labor is no different on a 351 or 302 block. 347 kits and 408 kits are in the same price range too.