Hopefully I won't confuse the subject with my 2 cents....

I'll agree on the cam recommendations considering the car and weight. What I'm wondering about, though, is your description of the torgue loss at low rpm.
It's been too many years since I looked into the combustion chamber of a 194 head to remember exactly how they are different than the 230's and on up. But since we know the chamber volume is smaller and the bore of the 194 is only 3 9/16", then the diameter of the chamber "oval" has to be small enough to match the 194 cylinder bore. That means there is a big horizontal "step" between the edge of the chamber at the deck and the cylinder wall below the deck when installed on a block with 3 7/8" bore. The step is probably bigger than normal by around 5/32" on each side (0.156").
Considering the valves and their locations are the same in all the heads, that means the walls of the chamber are closer to the valves. What you are getting at low rpms is a shrouding effect that is created by the too-close wall and the big step that is creating turbulence. That keeps the air from flowing smoothly into and out of the cylinders.
More than likely what you should do is to get that 3-angle valve job (or a 5-angle Serdi job, better yet) as Twisted6 suggests, and at the same time, have the machinist cut the sides of the chamber about 5/32" or so radially away from the valve so it can breath better on the side close to the wall. Yes, you will drop a little compression by removing some metal, but the effect on airflow will more than compensate for the small loss.
Using a high-lift cam will overcome some or most of that shrouding effect, but with high lift usually comes higher duration. That combination will move the torque band up the rpm range regardless of your compression ratio, and you'll be sort of back to where you started with your original low-rpm torque loss. But the bright side is you'll have gobs more power at speed than you had before.
Your best bet to fix the issue is to unshroud those valves and use a medium-range RV style grind with no more than about 0.500" to 0.520" lift.
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David
newbie #4153