I have an 88 K5. I bought a gm goodwrench stock 5.7 tbi for mine. It wasn't worth the hassle and expense of upgrading. A 5.3 or 6.0 would be far better than messing with a tbi engine. My pickup is a 79 and is carbed, so it was easy to upgrade.
Power is made with the right combo of parts. A better cam won't do a lot for crappy heads, intake, or the wrong CR. You may see small gains, with just upgrading some parts, but on tbi, it isn't worth the risk of it running like crap.
My pickup started with small upgrades to the 350, but now has a 406 with ported aluminum heads and intake, headers, 10:1 CR, flat top pistons, etc. It hauled butt.
I lost the thrust bearing so it is getting freshened up. We are going from a comp 270h flat tappet cam (224/224 and 470 lift) to a comp roller conversion with a 264h roller (212/218 and 487/495 lift). This cam should be better for low end torque and should be about the same for peak power. The Edelbrock heads are huge due to porting, so the new engine builder claims this cam will offset the head size. The guy that did the heads originally speced the 270 flat tappet cam.
Everyone has different ideas of what will work best. Finding the right combo of all the parts is the key.