Waking Up a Turd

First figure out exactly what kind of cam and pistons are there.
My Ideas are to replace the intake with one more suited to the cam. Edelbrock performer or RPM based on recommendations here.
Assuming they are 10-1 flat tops...... Freshen up the bottom end with new rings.
Check out the heads. If they are just stock J heads, i would seriously consider replacing them, as i believe rebuilding them + port work would be nearly the cost of replacement. Ether Indy heads, or Edelbrock. Based on recommendations from here
Get after it. You're all figured out.