Too big of cam?

Since every one has you covered on the engine, here is my $0.02 that I have learned. First, before you do anything other than fix known issues with the drive train is go over the suspension and brakes and modify them first. Decide what you intend to do with the car and upgrade from there. Add disc brakes (all thought you do have a disc brake master cylinder) or larger disc brakes, rebuild the suspension with quality parts, get good tires, and learn to drive the car. More power does you no good is you don't have a chassis to handle it and the ability to stop.

I do agree, basic tune up, convert to electronic ignition, maybe do a compression test for fun to learn how, Learn to read spark plugs (reading the spark plug can tell you a lot about what is going on in your engine from rich to lean and excessive oil consumption) hook up a vacuum gauge and watch it when you drive, this can help you diagnose issues.

Don't let the ricer fan boys get to you. It's called jealousy, I see it in their eyes when I drive by them in my WRX, they hate the fact I have a turbo and they don't. Their cars will be rotting in a you-pull-it when yours will be in a garage.