The original blocks & heads are all drilled for the steam holes. What you are referring to is when someone is replacing the heads with ones from any other small block or aftermarket. Then the steam holes are transferred to mimic the original design.
Some people make mention of the overheat issues with the 400...I believe a proper (good sized...clean rad, shroud, fan, ect.) cooling system keeps this at rest. Are they by design, more likely to be hot...yes, however MANY worked for MANY years/miles. Lorne