Presumably the Stromberg head already has camshafts, so you could reuse them. You'd also use your cam cover, leaving the groove to be cut.
The "Federal" cam is the older SE cam, so you won't get quite the same HP as you might from D-type cams. What Elan is the head from?
Even with modern bike carbs, a Stromberg head still has the siamesed ports etc., and has less potential than a Weber head.