Cheapest HP gain combo can be done in a weekend, headers, dual exhaust with an "H" or "X" pipe, a 4 BBl carb and intake, and a decent street cam ( I did it with an RV grind) .
In a 70's pre-smog 2 bbl. 318, you should see a gain in low and mid range (streetable) HP of about a 18-22 HP , and about of 9% to 11% gain in usable torque ( depending on your choice of cams, of course).
It's probably the most efficient and productive time and money spent when you figure dollars/time spent vs. usable results.