16.1 sec @ 83 mph...and that's with nitrous on a 4 bbl V8....how sad.
A turbo would make the largest difference.
Find a decent Mitsubishi turbo in a scrapyard and order some mandrel tubing from Jegs, build your own exhaust, and your good to go.
If an OEM 2.5L turbo four (completely stock with 2 cats) can run 13.2 sec in the 1/4, imagine what a 305 could do....
If you're not that adventurous, I would simply get stuff that can be used on a 350 in the future...
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