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Your budget is the biggest limit. With aftermarlet heads and other components, 600 HP is "doable" on pump gas. Quite rowdy (lots of "cam"...).
500 is a "slam-dunk" with properly prepared oval ports ('68-'69 350 HP 396 or 390 HP 427) and good induction/exhaust and a roller. We have one "out there" in a '70 SS396 Camaro that runs low 11s with street "slicks". He CLAIMS 14 MPG, but that may be optimistic.
The key is a good combination. .
Jim
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