I can see where it's got some potential. When I hammer the old girl, she really stands up and gets going. The front end sits way up in first gear when I floor it, it never did that before!
I can see where a guy could get carried away..... next you get a cam, then you get the heads worked on, then some headers, electronic ignition.......
It would never be a 340 or a 360, but it could be pretty respectable.