360 roller combos

IMO! Since your askin, I'll leave a note after each option;

Option#1 Freshen motor as is. With stock comp ratio 7.5-8.5 ??? (does any one know comp ratio?) new cam, good valve job and minor head cleanup.

Time waster

Option #2 Same as #1 with a set of higher comp pistons (approx 9.5:1) + little more cam.

Best budget bet. (You did say budget....)

Option #3 Same as #2 with 4" crank and 9.5:1 stroker pistons and little more cam.
Best power bet and all around fun machine, even more so with 3.23 gears.

Light street car 3.23 gears, 904 with low 1st, I don't mind a little more stall than stock.
That'll depend on the engine size and combo. Cam has a lot to do with it. This answer depends on the route you take on your engine build. We'll have to come back to this later unless you find a combo you like that someone has done or you have driven.

What HP/TQ levels can I expect from these budget minded options?
A stroker? On a budget? Hummmmmm, sign me up at your job!

Seriously, what kind of power do you want to make? Sky's the limit and your wallet has the hot air for the ballon.