I milled my head .040", and noticed no gain! I've read the same thing in other posts here. Also, I know the theory is that smaller equals torqueier, but these motors are strangled by low airflow. Opening it up will boost power, in exactly the same rpm range as the peaks are now. It seems like this manifold system is basically the same as the 207/216, perhaps slightly larger. I went through this same learning process with my motorcycle. I bought the biggest harley you can get, so I tailored my mods for "low rpms", and it truly sucked. I finally gave in and did all of my same tricks I use on lighter bikes, and now it huals [censored]! These stovebolts when hotrodded will increase the power in exactly the same range ( seemingly aroud 2k-3k) If I was you I would disregard the torque requirement, and build it the way most on this board do, and concentrate on some better gearing. These motors pulled school buses, 2 ton trucks and all kinds of heavy vehicles in stock form. They dont lack torque! They are not like small blocks in that they probably will always retain their torqueiness with the typical hot-rod techniques.
In any case 454 torque is absolutely unobtainable from a 235! If you want that kinda power, it's easy to get from that kind of engine, but impossible with these! I found a 261 and am doing all the typical stuff and expect it to MAYBE feel as powerful as a choked up smog laden 305 in a heavy vehicle, AND I likely am being optomistic!