Reply to "Need help on which route to go"

Keep the cast/dished pistons. Replace the rod nuts with ARP nuts, leave the OEM rod bolts as-is. The Edelbrock heads will bring-up the static compression to about 9.67:1 (I think the chambers are 60cc out of the box). Adjust the dynamic compression with a custom ground hydraulic flat tappet cam that closes the intake valves earlier than normal.

I'm not a big fan of push rod guided valve train, I'd recommend the pricier Yella Terra YT6321 rocker arms, but that's your call. You may want to call Tim Meyer and check what price he's getting for the Yella Terra rocker arms before you make a final decision. Its true that push rod guided valve train needs hardened push rods, studs and guide plates, but the Yella Terra rocker arms do not. So part of the additional price of the Yella Terra rocker arms is made-up by the money saved on studs, guide plates, and push rod hardening. Keep in mind that stiffer push rods are needed either way.

Save money on the damper and purchase a Power Bond damper from Tim Meyer, instead of the ATI damper (Power Bond "Race Performance" damper PB1082SS). Since you're slipping a nice steel damper on the nose of the crank, consider bolting a nice steel flywheel to the rear of the crank (check with Tim on the price & availability of the YT9902 Yella Terra steel flywheel for long-style clutches).

I would personally go for the complete refresh, i.e. rings, bearings, seals, timing set, etc. This is a good time to replace the throw-out bearing and pilot bearing too. If I can twist your arm a little, consider the tappet bore bushings to complement that nice oil pan. If you do not install tappet bore bushings, then order the push rods with a 0.040" restriction in one end. Watch the bearing clearances during mock-up assembly, target 0.0025 – 0.0030 Mains; 0.0023 – 0.0028 Rods. If the clearances are tighter than this consider installing +0.001 bearings. And finally dynamic balancing the reciprocating assembly is worth every cent.