There's nothing cheap about going fast. Well, you can be cheap and go fast, but rest assured you'll end up breaking something.
There's an old saying:
Cheap
Fast
Reliable
You can pick any two you want.
Now you did not post what kinds of mods the car already has. That's the first step to helping us to help you.
Let's forget about being cheap for a second.....
First off, you need to make sure you do a good going thru of the car, aka a "spring cleaning".
CLICK HERE to read up on it. It's a first and important step in "going fast for cheap".
Then you need to invest in a scan tool, a new upgraded fuel pump and a hot wire kit. An adjustable fuel pressure regulator and a knock alarm/knock gauge should also be added in there. Don't forget about an aftermarket boost gauge.
So far you've not gone any faster BUT these items are required if you want the car to live while cramming all that air down it's throat....the last thing you want to do is detonate the engine under boost....which happens when it goes lean due to inadequate fuel supply...because if you're getting on it and it goes lean, bad things can happen.
That's why it's not good to go "cheap"
Then you need to invest in a new chip. I like Turbo Tweak chips. This allows you to fine tune your engine and is compatible with today's fuel. (it was different in 1986-87)
Once you have verified your car is running good under boost...and not knocking or acting funny.....then you can begin to raise the boost...while monitoring for knock. Now your power level begins to go up. Depending on the car, 15-16 PSI is about max while running 92 octane.
Then.....when you can fork over some more $$, get you an alky kit....it allows you to run a little more boost but while running premium pump gas....meaning 91 octane or higher.
All the while you have to do this in small increments and monitor for knock....if you see knock back off some until you figure out why. As mentioned, it costs money to go fast, how fast do you really want to go?
Hope this helps some....and welcome to the darkside...