Any Ideas what is wrong with this LT4 Combo?

Something has to be way off. I think it is a few things, number one being the cam. I know he is leaving some power on the table with his exhaust, but it can’t be a whole lot (tops 40?). Below are some of the specs, I am trying to get an unbiased answer to what the problem might be. Thanks in advance everyone!
391 Cubic Inch (4.01 bore x 3.875)
58 MM Throttle Body (Port Matched to intake)
Granetteli MAF Sensor
Racetronix Fuel Pump
42 lb/hr fuel injectors
LT4 Intake (Port matched to heads)
AFR Heads (#1057 210 cc LT4) (2.08/1.60)
Hydra Rev Kit
Comp Cam 229/245 .510 .540 112 LSA
1.6 Roller Rockers
6’” Rods
10.8 to 1 Compression
SLP shorty headers
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The SLp's are definitely hurting, but I agree - you aren't even ballpark.
#1 I would look for something large wrong. Get a compression and leakdown test done. Change all the plugs and inspect them to see if any look like they aren't firing. I would change the plugs and wires at a minimum, possibly the opti also.
How does the car feel/drive - is it smooth, or does it have issues? I am assuming the a/f looked normal, or did you check that? If not at least what do the o2's look like at wot? (if you are getting misfire/inconsistent spark you will see a huge "lean" condition from all the unused oxygen).
Are the heads out of the box AFR's? Were they independently flowed? If they were from AFR which porting level are they? What intake manifold gasket are you using - there is a GM LT4 part and a GM LT4 performance part (ends in -777) - if you use the former your gasket is hanging a least 1/2" down in the top of your intake ports.
I recently built a 396 LT4 that uses less than ideal parts, but still puts down some decent numbers. The combo is as follows: 1996 C4, 396 LT4, Ported LT4 heads and intake, 52MM TB, GM Hot cam, stock exhaust manifolds, and stock exhaust system with Borla mufflers. I haven't had it dyno'd but the car has run an 11.55 @ 117.5 -- that equates to somewhere around 450 HP at the flywheel (based on 3500 lb race weight).
My point is that even with a small cam and through the restrictive factory exhaust manifolds, decent power can still be made.
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Get some diagnostic tool on the car to see pulsewidths and Block learns as well as timing and presence of knock retard. Post what you find.
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