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I have the 195 heads on my 408. I don't recommend just buying them stock and slapping them on. Get a set from blykins on this site, or from a reputable builder. They will buy the heads bare, then build them correctly, checking everything. Ask me how I know this is important.
Once you pick out what you want, call blykins and tell him what you want in a cam. He will get you a custom grind that will match your heads and your intake.
Scat rotating is fine. You don't need the 205 heads for street use on a 408. You could go with the 205 if you are going up to 427 just to pound your chest. Anything you put in these light cars will be fast enough to kill you at any point when you forget what you are driving.
Decide on a block, rotating assembly, and heads. Then go to one of those online calculators to determine what type of piston (dished, flat, domed), what thickness head gasket you need, and what size combustion chamber to get you the compression ratio you want. I recommend 9.5-10.5 for the street. Any higher than that and you may need to find race gas.
I tried EFI and went back to carb. That was a total fiasco. I don't recommend the carb replacement systems. If you choose to go EFI, go with a multi port system. YMMV.
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