N.A mods
if ur on a buget i'd do the following:
get a full service. u'll be shock to find what new filters and cleaner fuel system does to response.
then go a CIA and high flow air filter or
go with an exhaust, extractors and a full system including twin cats. twins or single sytem is up 2 u.
if you get both done then go for a tune.
after that the next thing i'd do would be a cam (type up to you....... but don't go TOO big!!! stay around 214-220 degrees @050" DUR.), get the heads done, shaved with the manifold also being matched to the heads, also get the heads treated to K-line valves and get the valve guide boss and bowls touched up.
add a adj timing chain and some roller rockers and maybe get the throttle body opened up.
if u'd got a auto u'll also need a stall converter.
with all that its time to strap it back on the roller for a tune.
in a old mag called Street Horsepower (No.1) they had a buget of 3g on a Vl304. after the above mods (apart form the getting the carby tuned and a smaller cam) there power output went from 109hp (81.28kw) to 179hp (133.48kw) at the wheels or a 61% increase in power.
but with a 304 from a vr /vs u'b be looking at a bit more power, say around the 150's-170's rwkw depending upon cam, head work and tune.
if you wont to go further get the bottom end up to scratch and go for a bigger cam/ different throttle bodies or just strap on a Blower!!
but if u r a devoted N.A 5 Ltr man, there r blokes out there that have over 230 RWKW's!!