EFI isn't going to make much more horsepower. Maybe a little, but you won't overcome the low compression and stock cam.
As for making more HP, just depends on what you want and how much you have to spend. You didn't say how you engine is currently set up at all, so I'll assume it's stock with a 2 barrel, since that's how most of the 383's came. If the engine is in good shape, you can make bit more power with just a better 4 barrel intake like the Eddy RPM or DP4B if you can find one, a decent 4 barrel carb and a set of headers. Even with no other changes that could buy you 20-30 hp.
If you want more than that you'll have to address the compression ratio. Again, if the engine is in good shape and you don't want to do a full rebuild the way to do that is with a set of closed chamber heads, 516's or 915's if we're talking stock heads. With the compression ratio up you'll make more power, but you'll also be able to support a bigger cam too. Just depends on how much you want to spend.