Looking at the big picture here, I read that you have two yblocks but nothing to prove that one is a 312 as I read it.
BUT NO MATTER you can learn how to check for a 312 on here And on Mummerts site. If you find out you have the more common 292's that's still ok. AND in some cases better, I now think.
But regardless You STILL have two engines to work with, both having potential.
If it were me I would forget about heads for now - BTW, everyone here has given good advice on that subject.
I would concentrate on a short block. No matter how you chose to build it and learn from it, if done right the first time it will be of good value to use or sell to fund the other. Heads come later, new, used high and low compression and soon aluminum. Anyone of them could be bolted on a perfectly balanced and machined yblock. And to also add that could then go in ANY car. A Freshened Yblock is going to be the strong foundation. In Fact if you just took one engine and completely rebuilt it stock, cam and ALL, AND BALANCED the rotating assembly-You would have a great result of ADDED horsepower for the money without aftermarket add-ons. (See articles on Balancing) good luck and welcome to yblocks.
An Engine like this prepped properly could support about anything we've thrown at it so far from what i've seen.
A L A N F R A K E S ~ Tulsa, OK