Less power than what? The competition? Or Chrysler's earlier versions of the 440?
Right to the end (1978 for cars, 1979 for motorhomes and trucks) the 440 had the same 2.08/1.74 valves, and the same cam as 1970 - just retarded about 4 degrees for emission purposes. The power loss you ask about came from that cam retard, more restrictive exhaust (cats), emission related timing, leaner carb tuning and less compression. Compounded by this was a shift toward ever higher (numerically lower) rear gear ratios so the vehicle performance seemed even worse.
No need for aluminum heads, but if you can afford it, please go right ahead. Degreeing the cam, getting a good intake manifold and carb combo, and decent exhaust will uncork the late 70's blocks.
-=Photon440=-