That's a lot of cam for a small engine, I ran a megadyne 310 in a 1293; below 4K it ran like 3 leads were unplugged and came on like a switch. It revved plenty, but I'm pretty sure a milder cam would have made more power. You might find you make more power with standard ratio rockers? Anyway, good luck with it all, I'm looking forward to seeing the results 
Andy
We share common doubts, and it's a thoughtful critique. I questioned it, too, and it wasn't my first choice - the SPVP3-BK was. My nature is to go conservative, and for precisely the reasons you stated - crummy idle, peaky output. And I'm the first to admit that I'm in uncharted territory. While the factory supported the 970 in the Mini for a couple of years, and produced a few Formula Junior engines to approximately this spec, they built less than 1000 970's, and there is virtually zero information on setting them up compared to the long stroke A-blocks.
But Dave Anton at APT has built a few 970's, and after spelling out the objectives, the consensus was the SPVP5-BK was the best bet.
Here are the driving forces in my decision making -
The goal is 123 on the salt. I'm running 23" tires and 4.22 gears - hardly a traditional LSR setup, but that puts me wanting peak power at ~7500 and 8000 RPM.
The valve sizes are virtually ideal for this combination, and I didn't have to offset the exhaust valves to do it.
I'll be running standard ratios in the transmission, so to fall back on the power band, I'll need to be able to rev past peak in 3rd. The billet crank, Saenz rods and J&E pistons should be up to the task - this cam should go there.
If I were doing
ANY OTHER type of racing, this combination wouldn't receive a second thought. Part of the trouble I've had sussing out information is that when people talk Sprites/Midgets/Minis, they're almost always talking road racing, hill climbing or rally - poked and stroked up to 1500 cc's - and with good reason - that's where the racing history and engineering of this engine has been grounded for better than 50 years.
With this application, my only concern is that the power band needs to occur on the east end of the tach, and that it can live there for a few minutes.
The die is cast, and I'll keep you posted!
Cheers, Mate!