Howdy Tom:
You '81 has three ( or more) major problems that will limit performance. 1 the restricted exhaust manifold, 2. retarded cam timing, and 3. reduced compression. Each can be addressed and resolved, but will require an effort.
The exhaust can be retrofitted with a stock type cast iron exhaust manifold from a '68 to '72 piece and a new 2" exhaust system with a turbo type muffler. Or, better yet, at greater expense, a header system.
The cam itself is probably the best stock cam available for a 200. The problem is in the cam gear and timing. FoMoCo chose to retard the cam timing by altering the cam gears. The solutions is to replace the cam timing gears and chain with a set from a pre '72 200 engine.
The final hurdle is the compression- or lack of it. This solution is a valve job type fix requiring the removal of the head. This is a good factory head, but can easily be made better with a 3 angle valve job, back cutting the intake valves, milling to compensate for the new, thicker head gasket and to increase compression to the 9:1 neighborhood (stock is listed as a very optimistic 8.2:1). A mill cut of .025" for the head gasket and another .050" to get back to the 9:1 range. I'd also add an exhaust port divider while the head was off. Doing the head will make the single biggest improvement of all!
With these issues out of the way the next issues will be dealing with the rather restrictive #1946 Holley carb, by replacing it. I'd probably opt for a Carter RBS for an increase in cfm and an easier configuration.
The final issue is the TALL, TALL, gearing in these cars. Most came with a 2.79:1 or so, rear gear. A 3.08 or 3.27 would be much more performance frendly without ruining the highway cruise experience or mileage. Fox bodied Mustang stuff is a good source.
Maintain your ignition system and air cleaner system as these are hard to improve on.
Enjoy the journey.
Adios, David