I think you are exactly right. My 292 "truck" build is still in pieces so my ideas are still theory. I think that even the big valve/lump port are mods that don't help at low rpm. It seems that stock or near stock valves and ports will supply enough fuel mixture and maintain velocity on the bottom end. I am even thinking of using a 194 head with minimal port work and just narrowing the bolt bosses. I have pistons advertised at 8.5-1 and with the small head I'll be around 9 to 9.5-1. I have a low end Crower cam that will deliver the torque from idle to 2500 and top out around 4000. I'll run headers into a single pipe and eventually GM TBI & stock GM HEI ignition. My truck was only a C20 heavy camper special and now has a flatbed. It has a worn out 350/T400 now but hopefully will get the 292/700R4 in the near future.
Like you I would like to see a dyno test for a "truck" built 292. A friend here had an excavation business and his dump truck towed his backhoe all over this mountainous area and even over the Sierras. It had a 292 that he had built. I wish I knew the details. Another friend with a similar business had to borrow this truck and was so impressed he had Eddie put a 292 in one of his older trucks. I borrowed that one and here we are today.
A link to a thread of my planned build:
Truck 292 
