Your bottom end is probably pretty tired. I'd look into doing a budget rebuild on the bottom end and a good HCI package. I'd just knock out a quick 306 bottom end (reconditioned stock rods, stock crank, new bearings through, and some forged flat top .030" pistons). Have the block zero decked, pick the HCI combo of your choice, and have a ball! Even the most basic of the edelbrock performer packages will pump out 300hp with a healthy bottom end and a good tune.
Pretty much everything on the car is going to be tired. You can run a compression test to see if all the cylinders are healthy. If thats all good, you CAN slap a h/c/i combo on THAT for now until you have the money for a bottom end. I'm the type of person that doesn't like to do things twice so I'd opt for the rebuild NOW...even if it means saving up a few more bucks....but a bottom end isn't THAT much. I know of one locally with 200miles on it for 800bucks. Look around...the deals are out there.
Thats the meat and potatoes of it....You really need to figure out what you want the car to do!