The compression ratio bump will depend on which version of the 4bbl heads you have. The '70-71 heads will raise it more than the '72-74 4bbl heads.
I don't know if raising the rpm range where the heads raise the power is anything to be concerned about. The 4bbl Clevelands were the hot ticket in drag racing and even NASCAR for a time, but they were also strong street engines. I think the 351C 4bbl heads allowed for high rpm power with proper engine modifications without killing the low rpm power. I had a '70 Cyclone with a stock 351C 4bbl for a short time, and it was a lot of fun to drive. A really nice, balanced street package. I just bought the car to resell, which is why I only had it for a short time. I also drove a '74 Ranchero for almost 30 years with a built 460, and I owned a '70 Cyclone 429CJ, so it's not like I didn't have anything to compare to. However, if you are 4 wheeling using huge oversized tires, the higher rpm range of the 4bbl heads may come into play. It's really going to depend on your entire package - heads, cam, gears, tires, etc. The increase in compression will no doubt help.
My 460 was built before many people were building them, so we had no help. Fortunately, my mechanic chose all the right parts and it worked well. You can draw from a lot of people with experience. Listen to those who have done what you're wanting to do.