40-50HP sounds about right with standard, "lo-po" (read, 70's-90's) stock heads compared to Vortecs.
Personally I think they did themselves, Vortecs, and TPI a disservice in this write-up
http://www.sdpc2000.com/htm/vortec_tpi.html as the Vortec heads alone probably gave the HP boost, and almost nothing from the TPI. They should have done each component seperately, and measured torque. The results would have been much better I think. My 350 with Vortecs and TPI (through desktop dyno 2k) peaks out at just over 275HP, but over 400ftlbs of torque under 3000RPM, which is where the engine sits at cruise, and what I need to start moving with a manual transmission, 33" tires, and 3.42 gears.
Anyways, the Vortecs have a superior combustion chamber, and extremely (compared to earlier heads) clean castings in the intake/exhaust ports. Very smooth as cast, so they flow well.
All are 1.94/1.5 valves that I'm aware of, except *perhaps* the 305 Vortecs that I've never paid attention to. 350 Vortecs are 64CC, and 305's are 58CC.