I have an '87 TransAm, (305, 700 r-4) that my grandparents gave me ( they were first owners). The car has just under 60k original miles, and mechanically is in pretty good shape. I live in Colorado, and drive it during the summer, nice weather months.
In short, I've decided to start upgrading and modding it. I'm not shooting for anything crazy, just a street-legal, sensible but fun Third-Gen. I was wondering what advice people would have as far as what upgrades to do and in what order. Currently I'm thinkin' of dropping in a Vortec 350 (have found a few on Craigslist >20k miles for around $800-900), putting in aftermarket free-flow exhaust, aftermarket intake, and maybe in the long run a T-56.
I am fairly mechanically inclined, but probably not to the degree that I'd be able to rebuild engine/tranny or anything similar. I am also a relatively poor, so affordability is a must for me...
Advice, thoughts?

 

I would tighten up the suspension and brakes first, and go from there.

 

I'd leave it alone, sounds like a nice car, you can have fun with it as is.