Bill I have used it in 12 and 12.5:1 motors only, as has my brother in his 302 cars. I know many people have slipped them into their stock 11:1 302 and spoken up on this board as being happy with them. GM recommends a minimum of 12:1 at least partially because of the late closing intake valve bleeding off so much cylinder pressure. I have run one with a 780 in a 331, but it was 12.5:1. That being said here's what I came up with using your list of components and making a few assumptions of my own on your machining, (that's where I'll probably get into trouble making assumptions)
I assume you are using stock length 5.7 rods and a composite head gasket rather than the old factory steel shim gasket. Also assumed that you didn't deck the block so your piston is still .025" in the hole. If this is all true your gasket is probably .041-.038 thick compressed. With a flat top that'll take you down from 10.25:1 to 9.7:1 with just the thicker head gasket. I considered your .030 bore in this or it would've been a little less yet. Using the 140 cam your dynamic compression would be only 7:1. That's pretty low IMO. You could deck the block to zero or you could run a .015 thick gasket and mill the 64cc heads to 60cc. Those two things alone will up you to 10.9:1 static compression and puts your dynamic compression at 8.1 which is close to the 8.3 or 8.4 that I keep hearing bounced around as the max safe for pump gas without detonation (if someone else has a different figure than this I'd like to hear it because I'm basing my current build on this). Flat milling your heads .006" will reduce your chamber size roughly 1cc, so .024" flat milled would get you into a 60cc chamber. You can flat mill approximately .030" before you need to start worrying about cutting the intake manifold as well, so 60cc would be a good number to shoot for. On I'd do is cc the heads to know for sure the chamber size. Most GM 64 cc heads are actually 65 or 66 by the time they unshroud the chamber for the larger 2.02 intake valves. I don't know what they do with the Bowtie head, but I'd assume they cut the intake side of the chamber like their production heads to allow the larger valve to flow.
Your 034 Bowtie heads are the phase 2 variety and I think the 180 intake ports would be perfect for a street driven 331. I ran ports as small as 171 on a 355 12.5:1 recently and while I gave up much on the top end the 355 was the most responsive street 350 I've ever driven. I'm certain the small ports kept the velocity up, which is really more important to me on a street car than some of the huge ports that guys try to run on the street simply because they work well on drag cars and then complain about the motor being unresponsive down low. I think your heads are a good match for what you are building. The exhaust ports are a little small at 55cc, but then you aren't building a 434 sbc either. Bowtie heads for the most part use the small 55cc exhausts.
Your carb isn't that far off because if you are going solid flat tappet and the short 3.25 stroke the motor should easily go to 7500 rpm. Using CFM= (Cubes x max rpm)/3456 x volumetric efficiency (I'm again assuming and using the high end for a street car with hi-perf parts which typically are 85-95%, so I'm going with 95 so we don't figure too little carb) I come up with 682cfm. To spin it to 8000 rpm you are looking at 728cfm. If you plan on running it to only 7000, which is the high end of the recommended rpm range for the 140 cam, it will rev higher, but starts dropping off above 7000, then 636cfm and the 650 double pumper starts looking just right like AJ suggested.
I'm using the 140 with 1.6 rockers in my destroked 377 by the way. Since it requires 746 cfm to rev to 7200 I'm planning on an annular 750 or 830 double pumper. I'm still a ways off as I just got the block out of machine shop prison this week.
Bottom line is I think you'll want more compression with that cam and maybe a little less carb, but not too much less. I think your heads are a good fit. Don't up the compression with domed pistons, your flat tops are the only way to go. Play with milling the heads and gasket thickness and I think you can get close to the 11:1 figure that others have run the cam with. Remember though as you mill the heads the valves get close to the piston, so mock up you combo and clay the valve to piston clearance first to see how much clearance you have with 1.5 rockers. You want a minimum of .100" I wouldn't go any closer than .080" by any means.
Bill I have one book here that lists your heads as 190 cc intake ports, others say 180. I don't know which to go by. If it means anything the book that lists them at 190 also has the wrong lift numbers for the 140 cam, so they are wrong at least on the cam.
Good luck on your build. It's all about matching components and I just think you'll want a little more compression with that cam, especially with a short stroke motor.