Engine build and ideas please

Alright guys I'm sure this has been asked before and I will try to give as much info as possible of my plans and goals.

I have a bone stock 1989 5.0 LX 5speed and I have about $5000 to spend on an engine build. I have taken care of my entire suspension so I don't need to worry about that atleast. I know for sure I need to replace those weak a$$ gears I have in the rear but whats a good set up that u guys have done that works good as far as power and torque. I live in CA and I'm not too worried about emissions I have my ways anyways I don't want to stick an outrages cam in there but I want something that's going to give me good power and a nice sound to. As far as exhaust goes I have bbk shorty headers, off road h-Pipe, and Flowmaster original 40's all the way to the back. So I want to be in the 360-375 HP range if possible without having to go with a 347 etc..... I have a pretty good 302 block that came out of a 1989 GT ready to get worked on, and I have read on here lot's of you guys have ported to a 306 and before I do I want expert advise on what direction I should take that's why I'm posting this up So please guys the more info the better thanks

Shaolin Crane said:

You dont "port" a 302 over to a 306
But the most popular swap around here is an LSx. Trust me you'll be happy you did, is this going into that new edge in your sig?

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Please school me on this..

Shaolin Crane said:

I wouldnt have done it if he didnt say "port the 302 to a 306"

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My apologies for my ignorance..... I stay a few blocks away from PCC, are u in the area?

Shaolin Crane said:

Displacement in based on bore and stroke, not porting, heads are ported, blocks are bored, going from a 302 to a 306(going to .30 over pistons) is done simply when the engine is tired, you're not going to see any power increase from JUST going to a 306.

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In that case wouldn't it be a good idea to "bore" not "port" given the fact the motor is over 20 years of age?