The 302 GMC I just built has what I consider exceptional throttle response and a lot of power from 1000-4000 rpm.Don't know if a comparison of the two engines is fair,but the 292 is similar to the 302 if nothing else,although the 292 has a longer stroke and smaller bore and a different combustion chamber design..
I went with 9.25 actual measured compression using custom forged pistons,compression always builds power to a point if the pistons are flat top or slight domes.
I had a cam ground,215 degrees duration at .050 lift,total lift at the valve is .430 with fastest lift possible and still retaining reliability.I degreed the cam to open the intake .050 lift at TDC and closing is 35 degrees at .050.These specs were the limits on a reground cam,292 cams can be made with more lift.
The engine has a Holley 390 cfm 4 bbl on a small runner Patrick's intake,the secondaries of the carb open as late as possible.
The head has larger small block Chevy valves,but no real porting other than blending in the new valve seats, minor port matching.It's important not to go overboard on home brewed porting.
Home made short tube headers into a 3 inch single pipe and a 3 inch Flowmaster Big Block muffler.
The distributer was recurved for 12 degrees initial advance,34 degrees total at around 3200 rpm,a vacuum advance is used,limited to 2/3 of it's original advance.
The engine idles at 750 rpm with a slight lope and will run on 91 octane pump gas but does detonate slightly at wide open throttle,93 octane is readily available here so that's what I use.Power is everywhere in the RPM range,falls off above 4500 rpm,which is just fine with me.
I very pleased with the results and I'm no pro engine builder,just used what works.
Best advise is to think about what you're doing and try to ignore the traditional tips offered by many Inliners guys.I was told this engine would have too much compression and cam for the best low and midrange power,not true.