How much would you mill a head using stock lift cam and pump gas.The engine is a 34 iron head. I will go with a header and two carb intake.
Have you seen this one? http://www.jalopyjournal.com/forum/showthread.php?t=556178&highlight=clearance+flathead+valve Along the same lines dealing with clearance.
Clay it to see what you are dealing with, you never know just what you have with a flathead and what has been done to it, before you got it............