Normally Aspirated
Stock, about 85 hp net at 3600 rpm with the later smog engines no worse off than the early 'dirty' engines.
Go for basic alterations, and you'll get to 125 hp net at 4000 rpm with just headers and a carb adaptor with a good ignition upgrade. 32/36 Webers and Holley~Weber #5200 are the pick. 2150 and 2300 MotorCraft and Holleys are nice too.
165 net hp at 4800 rpm with a 270 degree cam, direct mount 500 Holley or Weber 38, and a set of headers, Clifford port divider, late model log head with well profiled valves.
Go to the bigger 280 degree cams, get some better in duction in the form of an import Argie, OR 2v head, or a bolt-on 3 triple SU carb set, well, there could be 210 hp at 5500 rpm with ease, revs limited to about 5800. The exhast becomes the limiting factor here, and the cam must be specialised to allow good flow to balnance the intake flow.
With tripple Webers, and some big budjet gear, a good old 200 could trip the 245 hp mark at 5800 rpm. Were talkin big bucks, but Aussie guys do figures like this with regularity with there little 202 Holdens. With a set of +30 ACL pistons of the 1.163 compression height, and some resized 302 rods, you could get it to rev very respectfully. With a similar rod to stroke ratio, 7000 rpm + is common with a worked six.
If you decide to add nitrous oxide, then you'll be able to add lots of power. Import Killer is an example of note.
The prospect of a turbo is there, but its new territory for log headed 200's.
My best advice is to stay here a full year, and just steal every inch of info you can. A real stout engine lurks there, no question about it!
Don't rush into anything. A wicked plan will materialize which will help you reach your goals. The cost won't be as cheap per cylinder as a V8, but the results are far in excess of just wacking a 5.0 GT engine and box in it, and then having to uprate the running gear.