Decent plan. Watch the pistons if you go to flat tops, things can get a little close. They are somewhere in the 58-63cc area, I don't remember exactly off the top of my head, it's a big change from the 68-74cc area.
Your horsepower sounds like a reasonable guess. I'd assume this is a flat tappet setup so any max lift the cam makes should be divided by 1.5 and multiplied by 1.6 if you use stock ratio Magnum rockers.
With stock Magnum heads there are a few clearance items of concern, what intake will you run?
Other folks on here have done it too though and it's fairly documented. I have all stock accessories, stock intake, and stock valve covers on mine.



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