first you want to stiffen up the chassis, so subframe connectors are a must. i would also add cross bars from the subframe connectors to the inner rocker panel to further stiffen the chassis.
next upgrade the suspension, roller spring perches, good springs and shocks, do the arning/shelby drop, 1" front sway bar, and better brakes.
at this point you are ready to do some engine tuning, a comp cams 260he grind, weiand action plus intake and a 600cfm carb, along with tri-y headers and dual exhaust. that along with a set of 3.25 gears will set you up with a spirited ride that is comfortable to drive daily if you choose, and will return decent fuel economy.