Hi @Jimmy V.- Interesting engine combo- heads and carbs that should make power to 6500 or higher, coupled with an exhaust that won't go much past 4500 rpm. Berg doesn't list a 297B cam (at least I can't find it in any of the print catalogues, price lists or their website), but they do list a GB 297E, which is listed as a Genuine Engle W110. The GB 297 is the same specs (W110) ground on a slightly smaller base circle to clear the Berg crankshaft counterweights. Even the cam isn't particularly well matched to the heads/carbs- but I think you know all this, so bear with me.
Yeah, at the very least it will need more compression, more duration/valve lift and a bigger exhaust to make the most of the displacement. Bigger pistons and cylinders are always a plus as well. Do you have a cam/rocker combo in mind? What size primaries for the A1? This header chart is a good guide to match tubing size to rpm peak and displacement. Again, I think you have a grip on this but someone else may find it useful- 
This has the potential for more than 150 or 160 hp...
As you said, the stage 3 pressure plate and gusseted case do suggest drag racing aspirations. Did the former owner say anything about it having close 3rd and 4th gears? That would make sense if he was goin' racin'... Al
