I've just inherited a 1992 Camaro RS Heritage Edition. I've been looking through threads and websites with no clear choice for what to upgrade first. Any recommendations? ( The car has a 305 TPI Stock, however, I was informed that a performance tune was applied soon after the car was purchased)

 

There's no such thing Kemosabe. Sure that's not tBi? What's the 8th digit of the VIN?

"Performance" and "305" are mutually exclusive terms. At least unless you apply a modifier like "lack of" before "performance". Bringing a 92 Camaro up to modern performance standards is bad enough, without the qualifier of "budget" friendly. If it's TBI instead of TPI it's even more impossible. The short answer is to enjoy the car the way it is, because the other fork in the road leads down a path of chopping the car up for mixed results that usually ends up with the car in a pile of discarded disarray on some dark and lonely Craigslist ad for months on end without even a nibble of interest.

 

LS Swap
ZZ6 Swap
New Induction system.

As it sits, best bang for the buck... 3.42 rear gear and headers. The headers should work with any other SBC you may swap in later, but not if you go LS. If you want any real reliable performance, the 305 has to go.