Alright guys, this is what I had in mind for a budget build up. After reading Shifty's very informative articles, I have devised a plan. I would get an LT1 cam, and 87 and later 305 TPI heads. I would have the heads and intake ported, have a chip burned, and run some new roller rockers. Oh, and some LT1 valve springs too. The rest of the valvetrain I would keep stock.

What kind of power could I expect with a set up like this and what size RR should I run, 1.6 or 1.52?

Also, is there anything else that I would need on this set up? Keep in mind I am working on a college student budget.

Well you are on the right track. 1.6 rockers will push the lift past the limits of those heads unless you get the seats machined. Also, you need to make sure you can burn your own chips. You will also need to upgrade to a better fuel pump and have a full exhaust. If you do not have any of those put those mods away until you do. You will be much happier.

What kind of power might I produce with this set up?

and is it possible to run stock exhaust manifolds with a full exhaust minus the cat behind them?(3" back, dual 2.5s) I kind of want to keep the manifolds so as to keep it sounding somewhat tame for a daily driver

Besides the fuel pump, will the delivery be alright, injector wise?

Is there any other little stuff I might need?

Get rid of the exahust manifolds as fast as you can. They are so bad that with all of the mods you want to do you may end up with only a few hp increase. You should be able to get away with the stock injectors but they are going to be pushing the limits. I know what it is like to be in college and wanting to mod you car. If I had to do it all over again I would have built the car up before I touched the motor. Meaning I would have prepped the rear, suspension, fuel system, exahust and chip burning. You can do all of those piece by piece and they do not require a large purchase at one time. Then over the time I saved I would piece together my heads and cam swap so that I would have everything ready.

Cam
Heads
gaskets
springs
timing chain
larger TBI unit and injectors

It is hard to predict your power. It will boil down to how good you can tune and if you have everything dialed in. Some heads and cammed LO3's are pushing towards 300hp while others make 220.