Ian, thanks. My sentiments exactly -- just a good exchange of information.
Roy, just a few ramblings, based on what I know about the Olds version.
Ian is right that the best "early" heads are the Buick 300s. Larger exhaust ports and valves. The cylinder head is the numero uno restriction on these cars, and getting good flow is key to power.
However.....talk to Mark at
D&D Fabrications: Engineering & Fabrication Services and he will help you. They actually have a lot of information on the Olds version of the motor, and are one of the few people that do. You need big valve heads and a nice port on them -- with the Rover motor that's easy to do but the head bolt design on the Olds is different and I'm not sure whether you can get the nicer, better flowing late Rover and Buick 300 castings to match up.
You have a ton of cam options, depending on where you want your power. You can build a torque monster Olds 3.5 or you can move the power band up the rev range and get maybe more peak power at the expense of lower torque.
The limiting factor on revs is the valvetrain. Mark has corrections for this. Stock, you are risking breaking valve gear anytime you go north of 5800 rpm and with stock-ish cams, as Ron said, you won't be making any more power anyway north of 5500.
That can be changed. The bottom end is stout and with good valve gear - and in particular the rockers and rocker shafts -- you can turn 7000 rpm.
You also can overbore the engines, but I think the max overbore gives you abou 4.0 displacement. Above that you have to stroke it. I am guessing a bit on this, again, Mark is the guy to talk to.
I would guess that a 3.5 Olds punched out to 4.0, with a nice cam and either a good intake and carb or EFI will make 300-350 flywheel hp, and weigh in the 350 lb range fully dressed out.
BUT....Ron is right. As neat as this motor is and even given the light weight, a Ferd 302 or a SBC or Mopar 340 all are going to make significantly more power, cheaper.