In all honesty if I were you I'd build up everything else except the engine.
For example if you have the 200-4R trans I'd put in a shift kit and a mild stall, cuz that trans can be used with a 3.8 turbo, or a 350 Chevy or probably even a 455 Buick (might not hold the torque, hard to tell).
You could also put steeper gears in the rear, maybe put on a dual exhaust with mandrel bent pipes and free flowing mufflers (NOT Flowmasters)....just make it to where the exhaust can be reused at a later date with another engine.
By doing this you're upping the hp and helping the engine but not putting $$ in it. That way when you chuck the engine later on, you can reuse the trans, exhaust, etc.
I don't think you're going to get much more hp out of the engine than what the 148 hp 307 Olds has to offer.
But if you're hell bent on being different, you could try building up a 307, most folks I know pass them over for bigger engines.