Which is a better way to spend my money?

GT40P'S would be the wisest choice IMO.

Why are you going to mill the block?

I think .020" off the heads is what I've read here for GT40's.

I wouldn't even fool with E7's, unless you are going to have them ported like crazy. (Thumper) Of course, you would be even further ahead if you were to port the crap out of some GT40's. Of course, at that point (if you are hiring the work and not doing it yourself), you could just call Jeg's/Summit and order a set of aftermarket heads that would prolly outflow either stock head, even if they are ported. Even if you don't have the $$$ for stuff like roller rockers and other hardware, you would still be further ahead. (You can always add rockers, cam, throttle body, MAF/injectors, etc on a Saturday afternoon.)

With that said (typed), I bought a pair of GT40's ($200) and am porting them, myself. I will prolly have another $100-$150 in the valve job. (Don't spare $$$ on the VJ.) I have to say that Thumper and others on Stangnet have been VERY helpful with pics and other tidbits of info to help me do it myself. Go :SNSign:

I hope this helps. Good luck and keep us posted!

I agree with Paul about the P's

Of course ... you got the header issue with them

Try and see if you can get a good idea of ........

how much money to get a set of P's ready to go
and
the same for a set of better flowing Aluminum After Market heads

Compare the difference in money between the two

and

judge for yourself if ..........
the additional money for the A A M heads justifies .........
the additional hp/tq gain

Won't cost you a dime to look at ... all ... options

You may find it would be beneficial to save a little longer

Grady

It is the money for the power.... cool?? the GT40s rock!! add a good valve job... they are better, up grade the springs for the cam... now you are getting there!! Heads..$350-400.00, Valve job...$ 195-250.00, Springs moly retainers and keepers...$ 145-175.00, any machine work to fit the springs?? clean and surface the heads?? parts, seals.. shims if needed...?? SOOooo... ruff you have a set of ass kicking heads ( not ported ) for:$690.00 ( low) - $825.00 ( high) OR a set of ported E7s ( cost you nothing as they are the heads on your 5.0) ported and polished/springs/moly retainers and keepers/surfaced/performance valve job and OUT FLOW GT40's for $695.00 !! ORRrrrr... hit the ebay and take a chance on used alum heads... see it is all money..lol yes??

Have fun...
Just me............................................

Thumper