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You have to be aware that your engine is rated at 300 hp gross...todays engine are rated net. Your 300 gross will probably rate at about 250 net by today's way of measuring horsepower.
We talk horsepower, but drive torque. You're probably better off increasing your torque, even at the expense of horsepower at higher rpm's. Decide what you want out of the car...is it strictly a street cruiser, race only or some of each? How to achieve the best for each is different.
To improve that 300 hp will take at least what you mentioned...a cam and matched lifters. You'll also need a better breathing intake manifold, a carburetor matched to the cam profile (or fuel injection), likely headers and a free flowing exhaust.
The heads will likely need work to make them breathe better...or replace them with high performance heads, either aluminum or cast iron.
To do all this, you need to balance the costs of this against buying a crate engine already built to the specs you want. That may be the more cost effective way to go. Also...be advised that the crate engines available are rated at net horsepower so you'll know what you're dealing with.
What I'm in the process of doing is very similar. I have a car (not a Vette) that came with the same engine...an L48 350 300 gross hp engine. I just replaced it with a GM Performance crate engine...a 350 330 net horsepower small block. Instead of a carburetor, it has Edelbrock fuel injection and Sanderson headers and Magnaflow mufflers. It's not up and running yet, but it should be soon.
The cost of all this is less expensive than rebuilding the original engine to the same specs, plus the bonus of the warranty.
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Lifetime Member #73
The Money Pit.... and my niece
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More than once I've committed the sin of "If it ain't broke, fix it 'til it is!" That usually entails paying someone to undo what I did then fix it correctly.
BTW - I may be in Newport News at the end of next month (not sure yet). If I make it, I'll get in touch and maybe we can hook up and toss back a couple of brews.
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Lifetime Member #73
The Money Pit.... and my niece
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HP LINK
I didn't do mine this way but sure wish I had...

Tuxblacray: She's Back In Black! Check out my pics @ My Link
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Sounds like you want to keep your engine looking stock. After years of trying to keep my engine looking stock I was tired of my S10 pick up having more horse power then my Vette. I recently installed a Ram Jet 350 into my 78 Pace Car. The performance is outstanding and after driving the car I would never want to go back to a carb. No modifications had to be made other than to the fuel lines and the L82 can be re-installed in a weekend if I wanted to make the car stock again.
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