It all depends on what you plan to do with the car. 350s are torquier, therefore better for the street. Plus parts are plentiful and cheap, regardless of whether you build for stout street or drag racing.
A 327 is a great motor, not as much torque as the 350, but once you wind it up... horsepower is there, which may be better for sustained high speed racing.
I'd certainly think twice before I tried to make an 11:1 cr ANYTHING try to live on the street...detonation on pump gas will likely drive you nuts, and destroy the engine.
Last...the only way I'M aware you can KNOW what a cam is doing on an assembled engine is to put a solid lifter on the lobe(s) and a degree wheel on the crank, hand-turn the engine over and take notes on lift and duration shown, then multiply lift @ cam by rocker ratio.
'69 Garnet Red Convertible, Ivory over black, 350 w/turbo 400
[This message has been edited by POP D TOP (edited 12-03-2000).]