I came from a drag racing background too , but jumped into RVing with the Dodge 8.0L , V-10 as my primary long distance tow vehicle. 305HP , 450 ftlb torque.
Partially because working on Dodge/Cummins all day didn't put me in a good frame of mind for owning one.
But on to your questions .
Cylinder wall taper will tell you how much boring you'll require , JMHO , don't go further than necessary.
454 truck engines were stout from the factory , I can't say if there would be a torque cam available , much better than factory grind.
Port/polish , works best on high RPM motors , my 426 liked it , but at 4,000 rpm , which will probably be top of the heap for your application , probably not worth the effort; unless your planning on headers , then port matching to the exhaust gaskets and header flange is in order.
You didn't give a year ? Are you dealing with a carb or EFI engine?
Have you done any diagnosing on your power issue ? Compression testing ?
You'll want be able to run regular gas , so compression ratio change probably not a good idea.