If you already have the 205s , I wouldn't bother with going to 185s , I think they will work fine. I'm using them.
On the cam, if you are still playing with settings try narrowing the LCA to closer to 110º and see how that works. I think it will give you a little better engine for street/occasional track type use. HPD is being a bit conservative, but dont let the durations (@.050) get out of the 230s (what you show is virtually identical to the cam linked to below.) The numbers you have come up with sound pretty close, but I think your HP number is a little generous. With similar specs and a very sophisticated program (a auto engineering grad student has accsss to at school) showed closer to 500 HP but the rpm ranges look very similar. One thing you haven't mentioned is the kind of cam/lifters you want to use. Since you are talking about 7Krpm numbers, I am assuming a solid roller. Comp has an off the shelf, XR Street Roller with specs very close to what you are using that will save you some $$:
35-769-8 check it out.
BTW, What trularin said! Good advice any time you depart from stock. Better safe than sorry. Blueprint, blueprint, blueprint. every vendor out there has different ideas about tolerances and different ways of measuring them.
Lynn