Without knowing the durations, it would be hard to make a comment on if it's too big. FWIW, in my 482's that I build for Cobras, I'm usually around the 242-248 @ .050" mark for the intake side and 248-254 @ .050" for the exhaust side. Lift will generally be around the .570-.610 mark, LSA's can be anywhere depending on if the guys has power brakes, wants a radical idle, etc.
You should be ok on the valve springs. I'm not a fan of a huge coil bind clearance, but in most cases it will work ok, especially on a lower rpm engine. Your open spring pressure will be lower as well. Again, hard to comment on that exactly without knowing what the spring pressures are.
With 482 inches and most hydraulic rollers, even 500-550 hp will be streetable. If you don't want to use the last 100 hp, that's what they make gas pedals for.

My experience with Cobras and customers has shown that most guys get really used to their cars and want more power down the road.