I don't see any problem with exploring the limits of camshaft right up until the point where you do more harm than good.
The Y-block does have a large lifter for a domestic V-8. Things you will want to keep in mind when trying to push the limits of lobe velocity are.
1. Chamfer on the edge of the lifter. More chamfer less useable lifter face.
2. Lifter bore centering over the lobe. The farther off center it is the less useable the lifter face becomes.
3. Acheivable nose radius on the cam. Short duration, high lift cams will have a small nose radius. Making them RPM limited. They almost always get pitting on the nose of the lobe. Not neccesarily going flat but just but just tramatized do to high spring rates with high velocity lobes and small contact area, nose to lifter.
4. Spring rate, rate in a spring is stored available return energy. Two spring set ups can have the same open pressure but one can have considerably less return energy. Example. 120# on the seat and 320# open @.500" 200# gain over .500 lift is a 400# rate per inch. This will have more nose control than a lower rate setup. Say 145# on the seat and 320# open is a 175# of stored energy over the nose. 350# rate per inch
5. Lobe dynamics are the biggy on the list. The main reason is that these harmonics get transfered through whole valvetrain. Especially your pushrods. Pushrods have been one the biggest culprates to unstable valvetrain and many times the springs get the blame. Don't get me wrong you can be under sprung.
Like I said earlier pushing the limits of the lifter face can done safely as long you are looking at everything much closer.
In the end it all call comes down to valve events. More modern attempts have been tamer lobes and more rocker ratio to acheive the desirable valve events
When done right they both work well.