It's all about airflow. You can port out the heads and intake you currently have to significantly increase the amount of flow that can go in and out of the engine. An exhaust, healthy cam, head work and tuning can yield an extra 200hp over stock. This keeps everything simple. You don't need intake, carb, or cylinder heads to make 500hp.
Today a lot of people like turbochargers for power increases. You can add a turbo without even taking apart your engine to create a significant power boost as well. For the money you will probably see the most performance gain turbocharging but it requires fabrication so it makes for complexity.