318 performance

I intentionally left out some other "basics" because you aren't there yet, but if you do pull the cam, replace the water pump unless you can verify it is new, and throw a new thermostat in there, those are cheap, and of course a gasket set is starting to look mandatory by this point. Now if you are going this far, new belts and hoses wouldn't hurt unless again you can verify they have some good life left in them

Once the power plant is done I would address the trans and rear end. Inspect the trans housing, shifter linkages, cooling lines, wiring, seals, driveshaft, yokes, universal joints, etc. If you pull the engine or trans or both, check out the torque converter, upgrading your stall speed is a quick and easy way to "gain" launch power. Drain the rear differential and visually inspect the gears, then add new fluid, if it is a locker/limited slip, throw some friction additive in there too - unless you are going to swap rears or gears, then it's moot (actually either way it's moot depending on which definition of moot you subscribe to.) Check your axles and wheel bearings for strange wear and replace if necessary. Check the pinion and carrier bearings for endplay/freeplay, replace as necessary.

Finally tires, check the tread and sidewalls, inside and out, make sure there are no suspect bulges, cuts, gashes, etc - check the rims for run-out and straightness and while the rims are off the car, look over the wheel studs and lug nuts, replace anything questionable before you start beating on the car

You basically want to infuse as much reliability as power, cause all the HP in the world can't help you if you are broken down on the side of the road

This is the basic procedure I perform for any new ride I acquire. Yes it takes some time and no I don't always replace everything recommended because I usually swap out and upgrade, but having a driving chassis/project car as opposed to a just rolling chassis can have it's benefits - as long as it is safe

As far as the rest of the advice given, it all sounds good, but please have a plan, it makes these projects so much more affordable and people tend to keep their interest in the project if there is a path to follow rather than a slew of half-baked ideas thrown into the soup that seems never-ending

Mods - feel free to concatenate these posts into a sticky if it makes sense to the membership