If your 312 pistons are forged, then they would be the better choice than the cast pistons I assume that your 292 pistons are. A lot of this will depend upon your finances. I’m all in favor of bigger is better. But in the end, don’t short change due to finances. If necessary, delay the project and do it to your expectations rather than be disappointed later.
There’s lots of camshafts out there and the Y with ported heads favors lift and lots of it. Just be sure if you go for the non-traditional valve lifts that the cylinder heads and block are prepped for this additional lift. At 0.540” lift or more, notches in the block may be necessary and with any camshaft, insure that retainer to guide clearance is adequate as well as using the correct valve springs and installed heights for the camshaft you ultimately pick out.