One part of the previous answer is wrong.
When you arrive in London from SFO, you will not go through customs and immigration. (You got it right, the previous poster got it wrong.) Follow the signs to Flight Connections. If it is on the same airline, nice and easy. You will have to go through security again.
Go to the Heathrow Airport Flight Connections, plug in your flights, and it will give you step by step instructions on what you have to do as well as the minimum suggested connection time.
I always allow at least an hour for immigration. Then there is security. So get to the airport at least 2 hours or slightly more before your flights in Venice.
Here's how it will work
SFO-LHR: No Immigration at LHR, follow flight connections (Unless you have to claim luggage.)
LHR-ZRH: Immigration into Schengen at ZRH.
VCE-LHR: Exit Immigration out of Schengen in Venice. Immigration at LHR.
LHR-SFO: Immigration back into the USA in San Francisco.
You will go through airport security at LHR when changing planes to Zurich, in Venice when flying to London, and in London when flying to SFO.
Addendum: I see the previous poster deleted his post.