IMO, Do the things that don't cost much, if anything FIRST! Getting initial timing in the 20+ range would be a great start and tailor the mechanical advance to hit a safe number. Ignition timing takes a bit of elbow grease to get done, BUT, it's really important to get the engine to run well throughout the operating range.
A good converter would be next up. That's an aggressive cam for a street car and needs some flash stall to work well when you pedal it. I have the same style cam MP 292/508 in a 340. Timing is locked out at 36*. It's gets pulled down horribly at idle by a 2500 stall Hughes converter and take too long to pull through to where it makes good power. A nice 3500-4000 tight converter would do wonders for it.
Spend 250-300 on a smaller cam or another 200-300 on a good converter. The net change and risk of killing a cam aren't there with a converter. Not to mention oil leaks...
A good converter would be next up. That's an aggressive cam for a street car and needs some flash stall to work well when you pedal it. I have the same style cam MP 292/508 in a 340. Timing is locked out at 36*. It's gets pulled down horribly at idle by a 2500 stall Hughes converter and take too long to pull through to where it makes good power. A nice 3500-4000 tight converter would do wonders for it.
Spend 250-300 on a smaller cam or another 200-300 on a good converter. The net change and risk of killing a cam aren't there with a converter. Not to mention oil leaks...