You're absolutely right that the motor would be "soggy" at low rpms --- that's because the AFR heads most likely REDUCED the already ridiculously low compression ratio of that motor. BUT --- you were also right in that the heads might be useful on the next motor if you choose to go that route....
However -- with the low cost of complete GM crate motors -- you might be better off just going the ZZ4 or the 383 fast burn complete motor route (that's a weekend swap project at most!)... and you'd have a factory warranty and a fun little car... and my guess is you could pass Cali emissions for your vintage car.
Shop for a discount and you should be will under 6 grand to do this swap.
I'm not a fan of the late 70's Vettes - but it would still be a nice car to drive daily provided it has some fun factor with it.
Buy a used Porsche -- and you could be 6K into a transmission a month after you buy... They're not cheap to maintain... so that's kind of a crap shoot to me. Yeah -- they're killer little cars -- but they can bust you with a relatively minor mechanical issue. Of course, the Corvette could also break down - but parts and service would be far far less than the comparable Porsche.
I'd rather have a decent fun car - the vette with new propulsion - and have some money in the bank and freedom from the fear factor.
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