Howdy Again Peashooter:
Tell me more about the oil leak. Is it external? Most likely a valve cover gasket problem.
Or are the spark plugs getting oil fouled internally? Possibly worn or destroyed valve guide seals. Possibly a ring seal problem. How long has it been since this engine had any maintainance? Has any previous engine work been done? Have you done a compression test on this engine yet? That could reveal the current status of the engine.
I understand you want more power/acceleration. The package to do that efficiently will include the engine, trans, rear end gearing and suspension.
May I recommend a multi step approach to your project; 1st assess your current engine and vehicle. 2nd, tune it for max efficiency. 3rd read and study all of your options. Talk with others who have complete this process and listen. Once you have a plan in mind, consider doing things in stages so that your ride is down the least amount of time possible.
Also, where are you located? I ask for two reasons; locale will have an effect on advice, and others may be nearby to offer support and help.
In addition to the Falcon Performance Handbook, I'd also recommend a shop manual for your year and vehicle.
Keep it coming.
Adios, David