Young engine builder needs help!

Im 20 years old and i pretty much grew up in my grandpas garage but im still not very good when it comes to building hi-performance engines. I just joined the Army and so im gonna build up my 88 firebird with my bonus. The engine is an '86 350 4bolt main out of a Chevy 1ton. Its got an Edlebrock 600cfm manual choke carb and Delco-Remy HEI distributor but no other upgrades. Im looking to get Edlebrock performer RPM air-gap intake, performer RPM hydraulic cam, and either Performer RPM 170/80cc or Victor JR 215/85cc heads. I also want to run a Scat rotating assembly with 12.9:1 comp ratio w/64cc heads; -6.2cc pistons, 6"rods and 3.48" stroke. I might run nitrous but im not sure.
 
   I need advice on wether or not this would be a good setup. Id like to make the car street legal but still run 10 to 12sec at the track. I'll take any suggestions and give anymore info needed.  

I know its not a chevy but I still need help. I tried to get a chevelle or el camino but the guy wanted at least $6000 for either one. They were both rotted out with no engine or tranny. I live in NY so its hard to find a good car and the firebird was from SC and I got it for free so please dont shun me.  

The thing that jumps out is the compression ratio. 12.9 is a lot for a street engine.  
Jim
70 El Camino
461 solid, m20,
pics in readers rides

But other than that everything looks good? I could go with a 10.3:1 comp ratio with a 6.4cc piston. But would that still give me enough horsepower to get good times at the track? Might help to know im runnin a 700-R4 tranny and i believe an 8.8 rearend. I know its hard to know exactly what its gonna do without seeing everything i got but this is the only help i can get, my grandfather gives me very non-specific answers and never full explains what everything means and how it works. Like longer or shorter lifters or connecting rods, i have no idea which is better.  

Ok I have to jump in here, you sound just like my nephew, he joined the army and is headed to basic in Aug..Georgia, I believe its FT. Benning.
Any way he bought a 1985 firebird for a 100 bucks, I put an engine together for him and it runs on pump gas(90 oct) and is in the high 12's at the track. He is running the stock 7.5 reaend with 4.10 gears and a th350 w/ 2500 stall...26" tires.

350 2 bolt .030 over
stock 1 pce crank
stock rods
speed pro hyper pistons (flat tops) 9.8:1 comp
vortec 062 heads/ roller tip rockers (194/150 valves)
voodoo cam 489 lift 227 @ 50
rpm intake w/ 650 carb

it was built with mostly stuff I had laying around the garage, the most expensive item was the intake for the vortec heads, I might have $700.00 in the whole engine. this set up works well, Im not sure why, it just does.  

I have not had any luck with the 700r4 as stock holding together with over 400hp in front of it