Since you are going to retain the stock '84 heads it might be wise to just buy better valve springs to handle a new cam without the possibility of the springs binding or floating when revved. Then we start getting deep into your budget.
Unfortunately for everyone on this site $500 bucks doesn't go too far when buying new parts.
However, you could look for someone that is selling used pieces at a substancial discount. You can find good parts that are just being sold because the previous owner is stepping up in the power game or has a change of heart.
The '84 lincoln heads are even more restictive than a stock HO head (E7 casting) ... this means an airflow bottleneck that will restrict top end performance dramatically ... but running at 5mpg is ridiculous. Buying big parts is not going to do much for a stock block and heads and make the car more unbearable to drive than you can imagine.
Your block is also non-roller, so a good hydraulic cam will be fine
Soooo, based on what you have here is what I suggest:
*New valve springs with around 110#'s closed and bind above .500" lift
*A cam and lifter set with about 268 duration and .450" lift with around 112* lobe seperation angle (perhaps a Crane set)
*Tried and true Edelbrock 302 Performer intake
*Tried and true Edelbrock 600cfm electric choke
Again, going bigger is not necessary as your heads are a major bottleneck.
Fuel pressure on a carb car will between 5-7psi ... with this mild setup you should be able to achieve around 16mpg average and still have good throttle response and mid-range power with a noticeable lope to the idle.
Good Luck
