I see 2 items that I don't recall being discussed here - the dry sump and the heads. I'm very interested in how well the filled chambers work.
There are a couple things to note in Pete's post:
1) The dry sump is something that is combined with
low-tension total-seal or metric rings. The goal is to reduce reciprocating friction and overall "oil drag" in the lower-end. You need enough "stages" in the pump to really pull oil and create a vacuum inside the engine.
2) On a full-on racing engine, some may add a vacuum pump as well.
Obviously in order to run a dry-sump setup, you also have to have a dry-sump reservoir.
The combination of a correctly designed dry-sump setup, low tension rings, oil scrapers, windage tray, etc.. - results in the important extra horsepower Pete was talking about --> I believe he referenced 40. That is a LOT in a flathead - so you can see the value in all of this.
3) On filling the heads, I believe what he is talking about is to fill/remove the dome and run a flat-top piston with a tight quench.
In days past, one could get some of the head manufacturers to deliver heads without any of the dome work done - so you could do what you want --> run a flattop, run a pop-up flat-top, etc.. Not sure if one can get anybody to do this today, but it beats having to TIG weld the heck out of a "normal" head to get there.