...The real question is whether all of this is worth it? In my mind if you are not moving to higher flowing heads, long tube headers, and bigger carbs, then it is not worth it. Keep it stock and enjoy it as it is...
Yeah, keeping my J-code stock is the way to go.
I'd like to (eventually) build an engine - just something that gets 300+hp at the wheels, nothing major. Good quality but on a budget (just for the challenge, mainly). Using the 80/20 rule - 80% of the fun for 20% of the price. The one setup I saw a few times on the web is:
Roller stock 5.0L short block bored no more than 0.030 over (if a rebuild)
Hypereutectic (or forged?) pistons
GT40 heads (good-n-cheap) or AFR 165 heads (more expensive but lighter and allow higher compression because aluminum thermals)
Weiand Stealth intake or equivalent
Tri-y headers
An "appropriate" cam for a zippy "stoplight to stoplight" street car
~9.5 static compression, ~<185psi cranking compression (as a proxy for dynamic compression)
T-5 transmission (which should handle the 300rwhp ok)
3.5 rear gear
TBI (FiTech or Sniper EFI)
One site that I found with lots of "calculators" for doing what-ifs...
http://www.wallaceracing.com/Calculators.htm
For example dynamic compression...
http://www.wallaceracing.com/dynamic-cr.php
And "Eric the car guy" is now into his engine rebuild on his Fairmont project (end of playlist)... fun to watch...
https://www.youtube.com/watch?v=L22GsHQi7tU&list=PLSzhQ6St-ov2nxWVKCeU14Vt7JJ_QSZvs