The formula that has worked for me is to take the engine apart, inspect everything visually, clean everything, replace gaskets and bearings along with a new oil pump. My assumption is if there is no abnormal wear then everything is still within tolerance.
As for upgrades, I verified the piston ring gap was sufficient for boost (this one was nice and worn in with 249k on it), and added a performance cam and valvesprings. I know from Derek’s GTO this formula is good for ~400whp with headers without a supercharger! That’s what makes these engines so incredible. They are cheap (I got this one for free…), they are reliable (made it nearly 250k with no issues), and they can make a lot of power cheap.