The 454 I have in the truck now is my first big block, well aside from the 383 that was in the 71 Cuda. Before this I've had stock 350's, rebuilt 350 with mild cam, and a couple 350 TBI motors. By far this stock 86 454 with peanut port heads is the strongest pulling truck I've had. And that's considering the crew cab is by far the heaviest truck I've owned. I have to keep reminding myself that I can actually pass people on the highway.
Before I installed this 454 I was looking at putting another 350 in the truck. I started thinking about maybe needing a 454 so we could tow a camper and so I was reading a lot about how to make a 350 more powerful. One of the old standby options to improve a TBI 350 is to put Vortec heads on it. I was interested to read that despite the knock on peanut port heads, they still flow slightly better than those Vortec heads. Now if we're talking about 454 Vortec heads, those are WAY better. But those are also a different 454; you can't simply bolt Vortec 454 heads on a block that had peanut ports. I think it may be possible with some modifications, but I can't remember for sure. If you can find a Vortec 454, it would be better than a Gen IV block.
Yes peanut port heads suck compared to all the other factory 454 heads, but that doesn't mean they're worthless. It doesn't make the 454 weaker than the 350. It's all relative.
Really the big things to remember with a 454 apply to all of them; they're gas guzzlers and the will weigh more than a small block - duh. Based on my recent experience I would add 150lbs for the 454. Oh yeah, and they run hotter under load; definitely plan on a cooling upgrade unless this is a purely street vehicle not hauling loads.