as above, the 5L is a fairly stout engine.
biggest problem with the oiling system is the oiling priority and drainback
The factory oil pump (in good condition) actually works extremely well, so well in fact that fitting a high volume pump is not a good idea. High volume pumps compound the oiling problems. They tend to pump huge volumes of oil from the sump up into the rocker covers. End result is oil pumping out the engine breather/pcv and an empty sump which leads to oil starvation at the main bearings - engine grenades... Also high volume pumps tend to put excess loads on the oil pump drive shaft, which can result in a snapped oil pump drive shaft. So stick with a rebuilt or new standard volume pump.
As a street engine, usually it isn't a problem as you aren't sustaining higher rpm for any length of time. But do a bit of circuit work and/or burnouts where higher rpm is sustained for longer periods and you can end up with serious problems.
There are various fixes ranging from simple to complex - high windage sump, opening up drain back holes in the heads & block, fitting oil restrictors, modifying lifter bores, polishing the valley etc, rather complex priority mains oiling system mods right up to the ultimate fix - a dry sump setup. How far you go entirely depends on your budget and how serious you wish to get with the burnouts.
General engine performance mods are like any other engine. The Holden V8 responds well to exhaust upgrades. 304's have very low compression, so first internal performance mod is to increase the compression ratio with some higher compression pistons. Do your research on the right cam, valve spring setup. Look for a good aftermarket intake manifold and if the budget permits some head work. Should go without saying is the internals should be balanced.
The sky really is really the limit - depends on your budget