The HP you listed at the bottom; 380-400 at the wheels? Not with a 5.3 and only cam, and heads.
If you want that HP, build or buy a 6.0
Carl, one of our mods, can better answer most of this. I only assisted with my son's Frankenstein.
You will definitely need a stall converter. Check out Yank, somebody like Texas Speed can spec you one for your driving, and build.
That cam with your heads should work fine. That is the cam we were going to go with when we started my kids project. I think aftermarket heads are a waste of money on an otherwise stock 5.3 with just a cam. If it was a 6.0, then maybe.
Yes on the trans. You start hot rodding that truck, the trans will live a shorter life.
Yes on the trans cooler. Get one.
Limited slip diff? You will end it's live. Look at some of the Auburn Posis. Good value.
There are a couple of members here that know much more, this has just been my experiences and observations. I am an old 5.7 guy, what good could I possibly be?
Good luck man
I was told by another guy that maybe I should look into getting a set of heads off of an LS1 from a vette. He said he has tons of guys come in and thats one of the first things they do to their vettes and he has bolted them onto his 5.3 in the past. Would that work instead of getting all new replacement heads?
Ls1 are LS1 as far as I know. If I was going to do heads they would be L92 (Ls3)
I think you would be wasting your money on another set of LS1 heads