First you must look at the intended use of the car. I wouldn't trade the 2.3 in my 87 coupe for anything. I use the car not to blister tires at stop lights, but to cruise the interstates of Montana 600 miles or more a week. It pushes the car at 80 mph with ease while getting 30+mpg. Not a lot of 351's or 5.0's can prove that.
For big jumps you might consider a 2.3 turbo swap. This will keep the mpg of the four cylinder and when set up right will blow the doors off of many a 5.0/351 cars. Fairly expensive though.
I have done a few things to my 2.3 and although no monster gains in HP have been realized, I can now maintain 80 mph going up the steepest hills around. MSD coil, wires, 6A control box and adaptor were first, then came the flowpro muffler and exaust. 2" pipe before the muffler with 2.5 after muffler creates a vacuume effect that made a most notable HP improvement. Flowpro mufflers outflow flowmasters and are much quieter. (If you add a new converter it must be the three way type to keep it legal). Then the K&N air filter and a 110 lph fuel pump. Soon will be a compitition cams performance cam kit again keeping highway driving in mind.
A lot of lesser thinking people, without thinking of the intended useage of the car will tell you to toss the 2.3 right off the bat. Keep the intended useage of the car in mind before, during and after you do any mods. You'll get much more out of any project this way.
Have fun.
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