The biggest bottleneck with the holden V8, in either 304 or 355 is the intake setup (Bunch of bannanas manifold). There are various options you can choose from to get it going better on the intake manifold side. Companies such as STARR performance, Inner active, Harrop etc make very good intakes.
STARR is best known for the modified holden intake where they extrusion hone the intake runners and stick a 90mm throttle body on it after removing and replacing the neck where the throttle body goes on.
Inner active have some interesting twin throttle setups.
Many people have gone for the Harrop intake manifold with a quad throttle body setup with excellent results.
Increasing the air flow also requires an upgrade to your injectors if your wanting to go wild.
Your now producing more gas emission from the front, so a decent exhaust will be needed.
Make sure you have a good set of spark leads. ICE make excellent leads.
With all this also comes the rewrite of the chip in your delco computer or upgrading to an aftermarket computer.
This thread could go on for ever with the different combinations of cam/chip packages around, Head work, higher compression pistons, gearbox setups, diff ratio changes, wet nitrous injection, supercharging, turbo charging.......
Bottom line is work out what you want the car for or what you want it to do.... Street, Street/strip, full race etc etc. Once you make that decision, check your bank account to see if your idea is realistic then talk to some of the companies I referred to.
If you want a little more poke around town, the normal mod's are:
Exhaust : pacemaker or dephillipo extractors. Twin cat into twin 2 1/2
CAI : choose the one you like.
Filter: king dragon, BSA, Finer filter, K&N
Also throw a 70mm throttle body on it if you want to keep the original manifold.
Hope this helps a little.
Cheers
Troy