THere is no way you could guess the quarter unless he posted what type of tires he was running not to mention if he had a full tank of gas or 3 gallons in it.
Heads, Cam and Intake are a great mod...You can usually find great deals in the classified section at the home page and if you cant find anything there than go to ebay.
With a stock 5 liter you might have gained 20 horse power out of the basic bolt ons every car is different and weight plays an important factor in making your car go faster....Companys claim you gain a bunch of horse power through basic bolt ons but it is usually to the fly wheel and you loose a lot through the drive train...
I would try and drop some weight of the car if you could. I pulled the fog light assembly off the front of the car and it freed up a bunch of weight... I would also relocate the battery to the trunk and pull the spare tire when you go out racing.
You free up a bunch of weight when you put aluminum heads and manifolds because those iron heads weigh a ton
I would say if money isnt to big of a problem stroke it to a 331 and slap on a good set of heads, manifolds and a good street cam