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True dual exhaust system is a great place to start if you can legally do it in PA. L-48's can really benefit from a bigger cam too. A good recurve kit is also a good bang for the buck. Just these three mods really woke up my '76 L-48. I have since added heads and headers.... GOOD LUCK
Hedders, hiflow cat and a good set of performance mufflers. A dyno tune up with a recurve kit and a carb overhaul, with a K&N filter. After that, it has to go internal.