Originally Posted by stang93mustang
You'd be surprised what you could do keeping a budget.
Block bored. 060 over to get a good clean up of the high miles. Rods checked and shot peened. Can choose a piston that would yield a higher compression ratio. Heads cleaned up with at least a 3 angle valve job. Make a cam selection according to how you want to drive it. 1.7 roller rockers (check clearance) and Edelbrock manifold and about a 650-750 carb. Set of headers and exhaust rear gear. 4.10 for automatic 3.73 for manual.
WHAT? Really? Ok, some of the advice seems good to me. The Eddie air gap is a great intake, but on a budget you could go with a Weiand accelerator (you can even find them used if you really want to save money). There's a few other things I would take issue with, though.
To the original poster, I would say DO NOT bore a block unless it needs it. Cleveland blocks also have notoriously thin cylinder walls and some castings have core shift. With 130k miles you probably will need to bore, but not 0.060" over! You want to bore as little as possible to keep the block usable for future cleanups if necessary. Find a good local machine shop and trust their advice. Most people say it's good to get a sonic check done before boring to make sure the block is ok. Bore 0.020" over if it will clean up there. Probably 0.030" over will do it no matter how worn the bores are.
Roller rockers are fine but not necessary for a budget build. The Cleveland stock rocker ratio is 1.73:1. Stick with that. I would just use the stock rockers (they are not the same as 302 or 351W rockers, by the way).
Cam selection also determines compression ratio, rear end gear and torque converter lock-up rpm. You can go custom or talk to a good cam company like Comp for advice.
Edit: rod work is also not necessary unless you are going to try to maximize the engine power and rpm. Then you probably want to put at least better nuts on the rods, or the next step toward higher performance is to install good ARP bolts and resize the rods (not needed for normal budget build).
Go here to look at some sample Cleveland builds and see how much power they made. This will give you an idea of what you need to do to meet your power goals.