I checked on Mortec and found 3973487 is used on 70-72 350's, and has 75cc chambers. There was no listing for 8978487, so you might want to clean the numbers really good to see if that's what you actually have.
small block
1986-94 Chevy 350.
They are manufacturing codes indicating where and when they were cast. You can find the meanings to these codes in a Haynes or Chilton repair manual available at most any auto parts store.
on the back of the motor driverside cast on the block
you can find that type of information at http://www.mortec.com/
A cast iron Chevy 350 long block with the casting number 10243880 weighs 410 pounds. The engine will way even more once the intake and accessories are installed.
These should be double hump heads. They are very sought after heads.
your number one cylinder is on the front driverside of the engine it is also cast into the stock intake of most all V8's
Timing to high / advanced to far. Idling to fast. This can cause that problem.
cast iron and nickel
I wasn't able to find that number at mortec, however I did find 3998993. Which is a 75cc head used on 307's and 350's since the early 70's. Perhaps that is the head you have.
I think you are referring to "Saturday Night Live". This phrasing was used for a number of years so the list of cast members would be large. Original cast includes: Dan Ackroyd, John Belushi, Gilda Radner, Chevy Chase, Jane Curtin, Garrett Morris, and Laraine Newman. When Chevy Chase left to pursue a film career, Bill Murray "replaced" him.