Tom, you are spot-on about the limitations of the SOHC. The biggest one is that the cam lobes have to rotate directly under the rocker arms. This limits the size of the lobes if you keep the stock base circle on the cams, and as soon as you decrease the base circle size to get more lift, you end up adding valvetrain instability. It is a real conundrum with those engines. For a while I was working on a high ratio rocker for the SOHC; that project has been back-burnered for now, but hopefully I will get back to it at some point.
The hemispherical combustion chamber is also a limitation; a more modern chamber would provide more power and allow a lighter piston. Again, I have plans to modify a set of Robert Pond's heads to put a smaller chamber in, and in fact I've already done the chamber design to reduce the volume by 20 ccs without any major impact on port flow. But again, I haven't had the time to pursue this yet.
On the plus side of the ledger, though, there is no other FE port arrangement that is anywhere close to the SOHC for flow. I've worked with the engineers at Comp Cams on some of their standard and a couple of "special" cam profiles, and they have been amazed that my big SOHC makes over 900 HP with a .720" lift cam. They basically said they don't know of any other engine that can do that. In the end, though, with the ability to run lifts in excess of 1.0", you can make more power with a pushrod motor like a 385 Ford or a big block Chev.
What is needed is an all-new FE wedge head design, to allow us FE guys to compete with some of those other engines...