First thing I would do is forged rods & pistons, good bolts and good machining holding it together. Won't make any more power, but it's gotta be done, and worth the peace of mind.
My next move, would probably be based on the remaining buget; I'd look to the cam, and see how far the buget would let me go with possible swaps to springs, torq verter, and gear. At that same point, which is more based on my style of driving - I would also consider keeping money off the cam for the time being and swapping to a 4-speed, loosing as much weight off of the front end(fiberglass), the weight and tread width of my wheel and tire package, possible suspension geometry changes(Guildstrand and Adams), and making the chassis as ridged as possible. Also a game changer; Got disc brakes in the front? Got a good seat that keeps you in the same spot with a head rest? And got at least a good 3-point belt?
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Jon B 
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