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I don't know how much difference there is between the 5.3 Race heads and the 5.7 stage II heads, but I have Patriot heads and a lesser cam plus and underdrive pulley and I'm making 437 rwhp. I think you'll get there with your setup.....but you'll need to add dyno tuning to that list.
the 5.3 head will raise compression the 5.7 head will not.also the race head is hand finished and has larger valves.you can expect about 400 hp with the 5.7 heads.you can use a thinner cometic gasket and raise comp. slightly and tighten up the quench area to make more power but watch piston to valve.
I've got the 6.0 liter heads and a 224/.581/112 cam. With over 8.5k miles on the car I'm making 412hp/390tq. Oh and this is with a 12.2 a/f and 28* of timing. Not bad at all for a package that cost about me about $3k with all the little stuff as well. My car runs damn good and I'm happy with the results, just waiting for some giggle gas and a race port job from TSP.