Mike,
Your setup is what I have (bought mine as the entire front end clip from Total Cost Involved in Ontario, CA) and it works very well - but only after the pads set. I was worried for the first 100 or so miles but then the "bite" took over and now I am pleased. I might try softer pads later, since I don't have vacuum boost, and I really haven't experimented with my dual master cylinder balance much either.
Remember this GM caliper set-up was to stop Camaro type weight, so with our kit car weights we are ok. Also used on Speedway cars everywhere.
Can't you buy Speedway spindles, so that you don't have to grind on such an important part?