Ok, so it sounds like you won't be wanting to put boost to this engine. If you just want the street cruiser with average power, you could look into the Ford Racing GT-40 crate motor like dee saleen said. It will be a fully assembled long block, so it will minimize the work you have to do in building the critical parts of the motor itself. I would think if you want to make over 300 hp to the wheel, you might want to get a good cold air intake, a free flowing intake with semi-long runners and bigger fuel injectors (24 pound, 30 pound).
The stock fuel delivery system should handle upwards of 400hp, so the 300 hp mark wouldn't be a problem. If you have a 255 intake fuel pump, that boosts that potential to about 450-500 horse. So, bigger injectors will definitely keep the fuel supplied to the engine. At that point, you need something that's going to breathe really well. That's why I'd suggest a beefy intake system to allow for more air to flow.
Exhaust would always be a good idea, too. Ya gotta get that exhaust out to let room for more combustion in. I heard long-tubes allow for almost twice as much horse than shorties or equal lengths (at least, that's what is advertised). If you can get an off-road H or X pipe, it will allow catalytic converters to be omitted to allow for better air flow. And as far as mufflers...I think it's your discretion. If you are faithful to Flowmaster, go for it. Or you like Magnaflow, Borla, Bassani...whatever you'd like. Mufflers, I have no idea which allow for better flow and give better flow, along with a good sound...that's why I would say it is to your discretion.
If anyone can contribute or prove me wrong, feel free to go for it. Don't take what I say as say all end all...maybe someone else's opinion can better inform me as well!
Good luck...
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