any thoughts? seems like it might be a fuel issue...maybe makes sense that its running way to lean on start up before closed loop...

 

Im thinkin heads/cam. Cant really blame compression since from the factory they are near the same as your motor, and there are heads/cam stock bottom end cars putting down much better numbers than yours. Dont feel bad though, my 383 is a terd!! Im changing heads on mine very soon, and wishing I wasnt running such low compression, but that will come in handy when I go forced induction, if I ever get around to it.

 

what that made 400/415 through 12bolt and slicks and went 11.0@123 NA

and i drove it there and were ever needed to be

 

With a bigger cam you want more compression to help offset the low and midrange losses the cam would otherwise cause. There are a lot of guys running 11.5+ in street LT1s, mine is 11.5 and I am on a stock shortblock with roughly .052 quench. A built motor with better quench can easily handle more.
Like I said earlier with that cam and the low compression I think the numbers he got actually speak well for the heads.