Here it is: I read what you said, but really, it IS about the budget. Why? Because your components and order of events will take place in accordance to what you have to spend.
So, if it's NOT about the budget, then the order of events would be this:
- The Short Block. Stout (meaning reliable) short block is your foundation. ARP bolts, cylinders measured, balanced, etc., obviously done to suit the purpose of the car/build. But see, you cannot do plan "A" if it's not in the budget, then you have to try to get a short block in "good" shape factory assembled, or a cheap re-ring kit.
- The heads. fuel mileage, performance, cold start ups, so much of it lies in the heads. Again, ideal a brand new aftermarket head (and having all tolerances re-checked by a good machine shop), obviously fitting the build intended also. But see, you cannot do plan "B" if it's not in the budget. So, you work with what ya got (home port, lap, etc).
- Cam. A good cam/lifter kit, in accordance to the build.
- Intake/Carb. Bought to match the block, heads, cam.
- Exhaust. Bought to match the build.
- Goes without saying, gears/converter to support the build.