Almost all BBC have "Hi Perf" cast into them. A 2-bolt block is plenty beefy unless you are talking 800+ HP. If you are concerned, then put a main stud kit into it. .040 does mean it is 40 over and I think that your guess is pretty close. I don't have my book with me now. 60 over is a 468 so 460 sounds reasonable. As far as those heads, I have seen listings that put the chamber at anywhere from 110-119cc. How did you measure them? Anyway, I would say that it is a keeper unless you want to give it to me!
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68 Short Fleet 4x4; 427; BTO Level 3 700R4; NP205; Dana 60 front and rear; 4" lift with 35's; Disc brakes; AGR variable ratio steering; factory bucket seats; factory tach and tilt.
"Friends call me cruzer cuz I like fast cars and fast women"
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