My '92 RS looks as bad as they come with my ram air hood, BUT,,, with the 305 TBI I just watch as Z's and ponies ride by.
I have to fix the intake seal anyway so,,,,,,,, . I have a Hypertech chip, K&N filter, FLow Master Muffler, and an itch to go faster. Any help but get an LT1 would be great. Yeah I know that's what i need but this is what I have..

 

look through teh tech articles for teh ultimate tbi mods. that is a good place to start and it is all cheap. then you will wanna look into some headers, something with a 1 5/8 primary and a 3inch collector is cool, you want eh y-pipe to be 2 3inch into 1 3inch, 3inch high flow cat and 3inch cat back.
a posi and some 3.73 gears will help a lot too. when you are doing eht read look into gettign some boxed control arms and a set of control arm relocation brackets to help with traction a little.

those things will get you started. after that it all depends how fast you wanna go really. you can get and edelbrock performer tbi intake, stock LT1 cam, and some good heads and go really fast. also if you look aroudn you may be able to fidn some one willing to dop a real chip for ya, those off the shelf chips don't really do much of anything.

later
tim

 

What he said, only I would add... DOn't forget your ignition! I just added MSD Superconducters, an MSD Blaster coil, and AC Delco plugs @.045 gap and noticed a dramatic increase in throttle respose. Getting an MSD cap and rotor soon too. All that can be accomplished with about $130 and 3 hours. Once you get a lot of mods under the hood you might consider the 6AL ignition controller to help get the most outa that 305

 

I agree with all the points except for the MSD 6al. They don't do didily if you've got a motor that stays under 6000rpm and has relatively low compression. There really aren't many reasons to go to CD ignitions systems on our cars. The higher voltage isn't really needed but it's definatly a good idea. I wish I had the dough for a higher voltage coil but it isn't that big of a deal.
How fast do you want to go? Give us a budget and a speed and then our opinions can have meaning.