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The only way to seriously increase power is bump the cam up in specs, dump the catastrophic converter, go dual exhaust, and change the intake manifold for a non EGR type, go electric choke on a totally rebuilt Q jet carb....
get the HEI totally reworked....
leave rockers/etc alone....heads are not great, but for street use, will do just fine....
the above should get you roughly 80 hp or so...conservatively....depending on the specifics of the cam you could wind up with 350 hp or so....
of course that depends on engine condition also....that's why the 80 hp guesstimate....
As Gene already posted, there are much bigger power gains to be had by adding components than there are by removing some. If emissions laws aren't an issue where you are at and you can legally remove or disable your emissions equipment, you will probably pick up a few horses by doing so but not that many unless it includes a low restriction exhaust system. If you have an L82, which already has a decent cam, you won't see as dramatic an improvement as you would if you have as L48 which has a much milder cam. If I had a stock `79, my first mod would be a freer exhaust and my second mod would be a cam.