i agree with 72blackbird about the 301 never really being a true performance engine, especially compared to a 455. hows the old saying go.. "there's no replacement for displacement"
however any engine will respond to standard speed tricks. the 301 can have mild port & polish work done to improve head flow, you can shave or deck the heads (& block) to incerease compression, get forged pistons if you want/need. from there a good cam selection & headers plus a re-tuned q-jet or god forbid a holley
will make ALOT more than 20-30hp increases. closer to 100 or more depending on whats actually done. there is no reason the little 301 cant make respectable power for a daily driver or street car... & still get decent gas mileage. also slightly higher stalll speed for the torque converter & maybe a lower gear ratio to help off the line performance.
also just an FYI, my 301 turbo engine is faster than a stock 75-78 L78 400 t/a. it only has minor mods like egr removal, smog pump bypass, & upping the boost to 10psi. only 1 psi over stock, if i pushed it to 13-15 psi it would be even faster. & there are others out there that have their 301t's into the 12's... & stock bottom end! so again dont let anyone tell you a 301 cant be a decent performer... obviously nothing like a modified 400-455, but if its all you have to work with it can be a fun little engine. plus its over 100 pounds lighter on the nose.
just my .02 as an owner of a 78 w72 t/a & a turbo 301 t/a... & soon to be stroked pontiac 72 bird!