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Turn it into a 400 and check some of the builds here in this forum. Otherwise-
#1-Straight up timing chain
#2-Headers and free flowing exhaust
#3-4V intake and Edelbrock carb #1406
#5-New cam, comp cam #255DEH
#6-Engine rebuild, 9:1 compression, contact TMI
Depending on the age of the engine #1 and #2 may interchange. The stock OEM timing set is only good for 80-100K miles and is retarded 4° initially for smog and is retarded substantially more due to wear. If it has been replaced by a good straight up timing set then proceed to #2.
If you have many miles on the engine the nitrous may well give you the most bang for the buck. Then you have to come up with a lot more bucks before you can bang it around again. Torque1st has it right. It's tried and true with these engines.