I believe it boils down to smog regulations. What will fail you where you are located?
Cold Air Intake, Exhaust, a healthy cam, and a decent tune will get you this sort of power.
MTI makes some great cams, I would suggest the G1. The idle will be rough and reminiscent of the old 'cammed' muscle cars you may be familiar with. Gas mileage shouldn’t suffer much, unless you have a heavy foot. You should be able to pick up the cam and valve train for around $750-$800.
A cam such as the G1 will, however, most likely fail a smog test in states such as California.
If you’re in Cali, a supercharger may be the best bet. However, if you are in a state that doesn’t have extreme smog regulations, then I believe a cam (and possible heads) package is the best bang for the buck. The heads/cam vs. supercharger debate is about as bad as the old supercharger vs. turbo argument and it’s going to simply depend on what you want. I do believe people are making over 400rwhp with a few basic bolt on mods and a cam similar to what I mentioned. By the way, the specs on the G1 are 228/232 .588/.575 113LSA.
Regardless, you are going to need to lay the appropriate foundation. Start with an Intake and Exhaust and go from there.
Just in case you’re wondering, here is what such a cam sounds like. This is the MTI X1 cam, but will sound more or less just like the G1:
http://www.baileymotorsports.com/videos/MTI-X1.wmv
...right click and choose save as, something is up and its not allowing you to click it