351M camshaft
A decent RV cam will trick it into thinking it has more compression by holding the valve overlap time a bit longer(both intake and exhaust closed at the same time, and a normal condition for any engine, but most don't hold it long enough)
I'd recommend a dual pattern RV cam from Competition Cams in the 260/270 bracket, and convert to a 4v intake(dual plane, Edelbrock torker series) and an Edelbrock 600 cfm carb for a nice improvement.
You'll have the intake off to replace the cam, and should also add new lifters and pushrods at the same time to make things nice and tight. Can't re-use old lifters on a new cam unless you want some problems anyways...the push rods are cheap, and have to be removed and replaced anyways.
While you're there, but a gasket kit, as they're cheaper than individual gaskets, and replace as many as you have the energy for. I'd go as far as installing a new high volume oil pump, and drive-shaft(driven off the distributer to oil pump) just to make sure all those things are in good order. Even a new distributor gear won't hurt, and the timing chain, since it will be off, should be replaced with a decent pre-stressed chain and roller bearing assembly, as the stock set-up is a slide chain, with nylon gears(not one of Ford's better ideas)
If you feel the need, and have the time, cleaning up your heads, and lapping the valves and replacing the valve seals(if you get the gasket kit, comes with valve seals and head gaskets) is never a bad idea.
it's a bit more work, but you're over half way there anyways, a little further will see a much larger improvement over-all. Up to you how much you want to do, but you'll notice a lot less oil leaks, valve seals are a huge contributor to oil burning, and a clean set of heads with freshly lapped valves will improve power and response.



