Well it all depends on what you want the end product to be. If you're going for "as much streetable hp as possible" like many of us are, myself included, and are planning on stroking, I'd recommend doing that first. A cam and heads for a 302 is going to be different than that for a 347, and you don't want to two sets of each. Once you get it stroked you could upgrade everything else. Then of course if you still want more power you get into the poweradders: S/C, nitrous...turbo even maybe? Like I said it all depends on what you're trying to make this car and how much you're willing to spend on it =)
As for cheaper mods if you're not going to stroke it, there are many things you can do.
Engine: Cam and heads will give you the biggest boost, higher compression pistons, port and polish intake and heads, deep sump oil pan, windage tray, roller rockers, springs, larger valves, pullies, are a few things in the engine.
Exhaust: h or x pipe, dual exhaust (if you don't already have it), less restrictive mufflers.
Ignition: New ignition control, new distributor.
Tranny: High performance rebuild or simply a new transmission, higher stall, shifter, shift kit.
Rear: New gears!
Misc: New tires, driveshaft, air filter...
just listin some options
Good luck.