I have most of the bolt-ons done. Header, exhaust, intake, ignition, and working on finishing the suspension. Only thing I'm missing is the MaftPro. I cleaned everything when I did the head gasket a few years ago. It pulls good. I've taken a stock 88 G.T. Mustang. If that girl would have known when to shift, she could have got me, maybe. I've run a couple others, and it's usually real close, one way or the other. Usually depends on who gets the better hole shot.
I'd start with a rebuild, first thing. Fresh bearings, crank, rods, and block all checked at a reputable machine shop, and resized if necessary. New head gasket torqued to 72 ft. lbs.(stock bolts), or ARP bolts torqued to their specs. Don't think a m.h.g. is necessary here, unless you plan going turbo later. You could upgrade to forged rods, and higher c.r. pistons as well, if you have the money.
I have a new long block I'm building for my n/a car. Removed every casting mark on the block, inside and out, stock rods and pistons(balanced to within .5 grams). I ported the head, had a valve job done, new springs(Comp upgrade), 264 cams, and all the shims replaced. Also had the oil holes in the cam journals beveled a bit to remove all the sharp edges. I have many, many, many hours spent on the block, head, rods, and pistons. I hope to have it completed by the end of April.
All cars that are being modified have certain things in common: Time, and Money. If you don't have either, or a lot of one, don't bother.