Dustin,
Thanks for the (guess or stopwatch?) of your 0-60 time, my computer the Gonkulator had calculated 14.1 sec for your car.
As examples from fordsix.com, Doug Mustang Geezer's car calculates to about 240hp with its aluminum head, runs low 14s and 0-60 calculates to 6.1 sec. Bill wsa111's car calculates to about 200hp (145rwhp measured) and calculates to 8.8 sec 0-60 with a ported log head like you have.
My high school car, a 429cj torino, ran 0-60 in 6 flat and was the fastest car at our school. But that was back in the smog days when all new cars were dogs.
Our 64 Galaxie convert, 390 with a/c, ran 0-60 in about 8.8.
So that should give you an idea of what could be done with your car.
I like your attitude about the hobby, even if this is a learning car it is a hobby you will never regret, just be safe!
Where to start?
In the computer, I tried a couple things that are almost "free":
* Cut the exhaust pipe and use a connector or flange so you can unbolt it at the strip and then hook it back up for the ride home.
* If it likes this, then consider a large diameter (2.5" or more) high flow cat converter (if you run one) and a 2.5" glasspack in back for exhaust for the street.
* But a loose exhaust will want richer jetting usually. So:
* Get a spare carb (a 1v, anything will do) and get it running on there as a spare. Good idea anyway.
* Then (and only then) go into your carb and learn to change the main jet. I used to do this parked on the side of the road to tune for gas mileage, about a 10 minute deal. Gotta get good with carbs for this hobby. Take your spare carb and some richer jets to the strip when you go.
* Where does the trans shift? About 3900? Try shifting about 4200.
* Make sure you know your spark timing curve, is it where you want it to be?
* The next step would get you into the engine but is still "free" just a lot of work. Some steps are like that. I'd try advancing the cam about 4 degrees. LEARN to degree a cam, either on your engine or even an engine in the junkyard. I've done it there just to get the info. There can be almost a full second 0-60 time from where you set the cam, and that's free - it just is a lot of work.
* As I calculate it (computers aren't perfect but a place to start!), the above is nearly free to do and will take over a second off your 0-60 (and take your et/mph from a calculated 19.42 at 69.3 to 18.70 at 72.6).
* NOW you are ready to spend some $$$.
* Headers and a 2v-1v adapter with either say a 1.028 Autolite 2100 or a 280cfm (at 3.0" Hg) Holley 2v (early 60s amc cars used one) or the Weber/Holley 5200 2v took about another second off 0-60 and down to 18.30s at 76mph in the quarter. That is not fast but it is respectable and you will have a lot of fun with still "only" about 138hp gross.
As you can see from reading here, there is really no limit after that, only dollars.