You'd seriously be better off with a 74-78 2.3 if at all possible, as they used 2-bbl. Holley 5200 series carburetors (Also labeled as Autolite, Weber, or Motorcraft depending on year/application, they were used on Ford, Volkswagen, and Toyota 4-cylinders from the mid-70s into the 80s and support a lot more performance than the 1-bbl. carbs, as do their intakes, made by Sheffield.
As far as hidden mods, you can use Chevy 5.7" connecting rods if there's not a rule regarding it (
www.racerwalsh.com has specific info) to increase compression, you can put bigger valves in if there's no specific rule, and you can tune the daylights out of the 5200 2-bbl. if you run one, they're very adjustable (like a Quadrajet, but a little less finicky). One problem with doing a lot of trick mods is the fact that most entry-level oval track series have a "claim" rule in place, meaning if your car finishes well, someone can buy the head off of your car, or the engine out of your car (depends on sanctioning body/track/etc.) for a set price, that's there to prevent someone from having several hundred dollars of grinding/machining work done within the "gray area" of the rule book and using that to dominate a season at a track/series. I helped build a Chevy 305 and a Ford 2.3 for a pair of dirt-track cars one season... it was hell tracking down the desirable 2.3 head castings in a week and getting them ready to race! (we ran literally week-to-week as far as money went, but we did very well, wish the guy I was working for/with had kept racing, but he had kids and sold the cars.)
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1976 Ford Mustang II Ghia: 302 with a 600cfm Edelbrock carb, Edelbrock Performer 289 intake, Dynomax Blackjack headers, 2.5" exhaust with Flowmaster Super 44s. RJS 11-gallon fuel cell, C4
tranny, chrome 16" pony wheels, fuzzy dice, brown vinyl half-top, and painted in the tackiest color ever (harvest gold, that's why I call it "The Goldenrod").
Also have a 2003 Dodge Ram (lightly modded daily driver/tow rig/office/dining room/home away from home/workshop... I call it "The Big Blue Dawg".)