first thing i would do is put a lower gear in the rear.keep the 289 in it,then i would get stuff like headers 4bbl intake,aftermarket heads if you can afford a set, better cam and ignition,shift kit and convertor makes an auto more fun.i fix them up a little at a time and notice the performance increase as i go. its fun. p.s.you can make what they call a screamer out of that 289!
Right on!
Dumping money into the engine when the gear won't take it is a big disappointment. Spongy performance, at best.
Been there, done that long, long time ago.