From a horsepower standpoint, my vote for the Bowtie heads with the larger Crane Cam HR-284-2S-12 IG cam. I like your cam choices, either should work well in your application. Both are ground on a 112-degree lobe centerline and looks like they are ground advanced 5 degrees to a 107-degree intake lobe centerline. Either should work well with TBI and have a smooth idle.
If you are expecting more operation in the lower RPM range, my vote for the smaller Crane 2032 Cam. Match the build to your intended use. How often will you be running at WOT or racing? If you are mostly wakeboarding or cruising, you will like the smaller Crane 2032 cam better.
With your pistons at zero deck, your combination will have around 9.6:1 max compression ratio. I would recommend tightening up your quench by zero-decking your block to maximize your compression and resistance to detonation. You should be able to easily run pump gas. You might even get away with running the cheap stuff.
I would expect 400 to 430 HP in the low 5000 RPM range with > 450lb/ft torque around the mid 3000 RPM range, on pump gas.
Cheers,
Joe
P.S. Sorry, I am not qualified to comment on your outdrive or how it will work with this engine.