I don't know about small blocks but I would try more than 8* initial timing.Get that up as high as you can without hot starting issues.Limit the mechanical advance accordingly.OR just buy the mp elec conversion kit and let her rip.
Basic stuff here.Good tuneup,better flowing intake and exhaust.Then you get into rocker arms and camshafts.
Not really cheap but find a chassis dyno and tune it at part and wide open throttle so you can monitor A/F ratio.