87 octane is more than enough to prevent pinging/detonation in an engine with 9:1 compression, even with iron heads. Now, an engine with higher compression, forced induction, or an oddly-shaped combustion chamber might require more, but 87 is all we need.
The only possible reason to use higher-octane fuel in this engine is the additives that are included, which can keep things cleaner. But, a bottle of cleaner every few tanks is far more cost-effective, and may even be better at cleaning.
Remember, octane is bad for your engine, and bad for your performance. Only use what's necessary - any more is detrimental. I was in the station the other day, and watched someone fill a Pontiac 6000 station wagon with 93, at $1.90/gallon. Amusing to see people waste money like that.
To answer Pappy's questions: yeah, you need lead substitute to protect your internals: they were designed to have the lubrication that the lead provides. Depending on exactly which engine you get, will determine exactly what octane you need, and whether you need octane boost (or adding some race gas to each tank, as Scott suggested).
I know a guy with a '69 Camaro, and he's getting so fed up with the cost and hassle of running all those additives that he is planning on an engine swap with a more modern engine.
Joe