Like all these guys have said, just set your engine aside. There are thousands of 454 engines in the wrecking yards and nearly that many on Craigslist ...
Don't cut your Iron heads. You'll have to take something like 0.050" to get anywhere near your desired and by then the corner pads will be gone. So they'll be a dead give away as cut heads and will be practically useless and worth a few $100 at most.
Put aftermarket aluminum heads on it. It'll take roughly a 100 lbs off the front end so the car will drive better and it'll run a whole lot better. By the time you "massaged" the iron heads enough to get it to really breath, you'll have over $1,900 in them IF you can find a good porter who really knows his stuff AND is willing to grind on iron heads any more ...
AFR stock castings breath pretty well. Wieand Stealth intake will drop right on and not raise your carb by more then about 1/4". It'll feed the heads. Your Q-Jet will work fine
Junkyard bottom end can be built any way you like. Just freshen up, or go whole hog with bore and stroke to near 500 ci.
No Muther Thumps cams please ... For a flat tappet in a BBC, you should contact Cam King and get one to match your combo (once that's planned out). You could run a catalog cam from Crane, etc. I'd stay away from Comp, but that's just me ...
Lifters are the key to long lived BBC's with higher than stock valve spring pressures. I'd go Crower Cam Saver or Howard's Direct Lube. Wouldn't use anything else. Delphi if stock cam and springs, but still prefer Crower. Cloyes timing set, etc.
As far as CR goes, that depends on pistons. Small dome hypers are easy to live with. Cut the block decks so you end up with a 0.050" quench including gasket and that will mean no ping/knock no matter how bad the gas gets in the future.
Built HEI with the right curve to match to the cam and heads and you're good to go. Small groove in the lower casting boss to put extra oil onto the cam gears. Drill the front lifter gallery plugs 0.030" to over oil the timing set continuously. HV pump with lowest pressure spring to keep the load down.
A bit wide on the rod clearances to sling plenty of oil on the cam and cylinder walls. Oil filter boss by-pass blocked so that all the oil goes through the filter all the time. Oversized filter so there is plenty of media to flow the volume. WIX filter. You don't care about media efficiency, you want tough and you want to catch damaging bits. You'll change oil often enough to not worry about microscopic stuff. You'll have a small pan, so volume is needed somewhere in the system... Windage tray, etc. Me, I'd run an hydraulic filter with no internal by-pass. But one with a high number like 20 psi would work...
500 HP is easy enough on pump gas w/o straining anything. 600 HP is in reach on pump gas, but it'll idle a tad rough. 650~700 is possible, but it won't idle easily and it'll be scary quick once it comes off idle
Things down the line
will break.
You didn't say if this is an auto car or a 4 speed ...
Oh, sorry - about the oil, Valvoline VR-1 to break in. Change it and filter at 100 miles. Cut open filter and look. Do it again in 1,000 miles. Use magnetic drain plug. Glue flat magnet to bottom of pan near drain plug. If any big bits are on the drain plug magnet, stop and tear it down and find out why... If just a bit fuzzy with iron from machining, OK. 2,500 RPM (up/down) for 15 minutes with a fully primed oiling system on first start. Make sure the carb is full so it lights quick. No prolonged starter cranking ...
Crane cam lube (goo) on all the lobes during assembly. No thin Comp red lube. It'll have all run off by the time the motor is assembled and in the car. Cam lube is critical on first cold start ...