Before we discuss anything let's start with budget...
Being a college kid you're probably on the cheap bigly (as our new President would say) so removing weight would be the cheapest. That said you're in college so you might actually want to take a girl on a date so don't go too nuts. They're not really into bare-bones cars that smell like gas and run like crap so first things first: sort it out so it runs well and doesn't leave you smelling like a used oil drum.
Then onto the fun stuff: Gearing: Not sure which rear you have. 10 bolts: 8.2? 8.5? Either one will be fine for the car to start with. Do you know the gearing?
I'm looking at gear changes in my 8.2. Right now they're extremely tall. Combined with my powerglide means 60 mph in 1st gear. Sure she moves pretty good to get there but still...
So rear end would be cheapest. If you just swap gears yourself you're looking at $200 in parts and tools. If you plan to add posi: $600 all-in for a kit (assuming 8.2).
Next would be the head situation. We have to fix your head. It's all wrong! Wrong I tell you!........................................
Ok, this is second gen Camaros here, so thats my field of expertise. Especially 75-81s.
Yeah, he didnt say what transmission he had. All Camaro automatic L6s had the TH350 with 2.52:1 first gear, and 1.52:1 second. Prior to 1975 the standard 3spd manual transmission with L6s in the Camaro was the Saginaw standard ratio unit with 2.85:1 first and 1.68:1 second. From 75 to 77 they equipped them with a Saginaw wide ratio unit with 3.11:1 first and 1.84:1 second (78 and 79 had a super wide of 3.5:1 and 1.89:1, 3 notches on spline). So if you have an auto you have a TH350, more rare is the 3spd which would be a Saginaw 3.11 unit (2 notches on the spline).
All Camaros from 1971 to 1981 came with the GM corporate 8.5 10 bolt rear end. I know L6 Novas came with a light duty rear end in early 70s, but had the 8.5 by the end of its production, but Camaros always had the heavier duty one. Starting in 1976, and also in 1977, the standard ratio for L6 with either trannie was 2.73:1 on the rear end. Only these two years did they offer the performance axle option for the L6 which was a 3.08:1 rear (standard 2.85 Saginaws, the wide 3.11 in 1975, and the autos prior to 76 all had 3.08 rears, 78 had a 2.73 rear with the 3.5 Saginaw & TH350, and in 79 they gave all L6s the 2.56 rear gear for the final year of the L6 in cars). Positraction was available too. So if youre lucky you got the 8.5 10 bolt with Posi and performance 3.08 gears; but thats pretty rare. You probably have a TH350 or 3.11 Saginaw with 2.73 open rear end.
Standard tires for the L6 were the FR78-14 blackwalls (P205/75R14 in 79) on 14x7 wheels, available in white stripe or raised white letters. There was a downgrade option of E78-14 bias ply tires with 14x6 wheels available through 78 and in blackwall or white stripe (my first 76 had a tire placard for the radials, my second 76 and my 78 had the bias ply tires). I have an original E78-14 on rally wheel, and it is 26 tall, the FR78-14 may have been 26.1 tall. So if you reuse the stock wheels (no reason not to unless you want to go to 15, especially if they are rally wheels), and want the retro white letter look, the Cooper Cobra Radial G/T are the only ones left now that make a P215/70R14 (25.75) and P225/70R14 (26.26) that will fit either the 7 or 6 wheels. In 15 flavor you cant go wrong with P235/60R15 (26.1) on 15x7 or 8 wheels. If youre not worried about your speedo and raising your gear ratio, you can stick anything up to a P275/60R15 (28.07) in the rear wheel wells.
http://us.coopertire.com/Tires/Passenger/COBRA-RADIAL-G-T.aspxOn the engine gbauer said it, the 75 and 76 L6 was an integrated cylinder head and intake (77 and 78 were a different casting integrated). So the whole top end has to be swapped out to get lumps and a 4bbl. The water neck, engine lift brackets, rocker arms, and probably pushrods can all be swapped over to a non-integrated head. But you will need a new valve cover as the non-integrated is different from both the 75/76 and 77/78 integrated versions. MrHotRod6 has several heads listed on ebay, but they bare except for T6 lumps installed. Still need the valves increased to 1.84 intake and 1.6 exhaust, with exhaust seat hardened, plus any casting cleanup with a grinder and polish on the exhaust and chamber if you can, in addition to rocker-arms/springs/seals/retainers/locks.
http://www.ebay.com/itm/201582242441?_trksid=p2055119.m1438.l2649&ssPageName=STRK%3AMEBIDX%3AIT Lump Head
On the intake side gbauer is right, the Offy intake with Holley 390cfm carb is the cheapest option, unless you want to get ahold of a non-integrated Monojet manifold and add the 292cid HD 250cfm Monojet (stock 250cid is 210cfm), or get an adapter for a 2bbl, or try to fabricate multiple one-barrel carbs on it. I havent looked at the FiTech EFI, maybe a cheap option? Make sure you get the Offy manifold that includes the linkage for the Holley carb, and at least a half inch spacer:
https://www.summitracing.com/parts/ofy-5416 Offy 4bbl w/ linkage
https://www.summitracing.com/parts/mor-64945 Moroso 1/2 spacer
https://www.summitracing.com/parts/hly-0-8007 Holley 390cfm
https://www.summitracing.com/parts/hly-162-523 Holley fuel filter
https://www.summitracing.com/parts/hly-20-88 Holley throttle cable brackets
https://www.summitracing.com/parts/spe-4708 Spectre Perf throttle return spring brackets
https://www.summitracing.com/parts/trd-2174 Trans-Dapt Perf air filter assembly stud
https://www.summitracing.com/parts/pro-66802 Proform air cleaner 10x2 round
The integrated exhaust manifolds for 75 thru 78 had a 2.25 outlet (2 prior to that, and the 292 SD 2.25: manifold in 79). But the cheapest option is to take advantage of all the tractors out there with 292 engines that need replacement 2.5 HD manifolds. It will need some test fitting an grinding to make it snug up with the Offy intake, but you will have passive exhaust heat to warm the intake (no EFE flapper). Just run a single 2.5 exhaust out the back.
http://www.ebay.com/itm/400750523442?_trksid=p2055119.m1438.l2649&ssPageName=STRK%3AMEBIDX%3AIT 292 Tractor manifold
The Langdons will cost more, but allow a dual 2 exhaust, or just Y them to a single 2.5. But it requires water heat like gbauer has set up on his, with the two brass plumbing connectors on the water heater hoses at the fire wall.
http://www.langdonsstovebolt.com/store/#!/Stovebolt-Cast-Exhaust-Headers-for-GM194-230-250-292-engines/p/1395980/category=18665955 Langdon Stovebolt cast headers
http://www.langdonsstovebolt.com/store/#!/Heat-Plate-for-GM194-230-250-292-Inlet-Manifold/p/1222036/category=18665977 Langdon's heat plate for intake manifold water
Other non-integrated head Camaro stuff:
A cheaper option than the electric fan is the later 250 and 292 truck fan which is a three blade clutch unit. It will free up more HP than the fixed unit, but not as much as the electric fan.
Flat tops for a 250 are tough to find. You either have to locate factory original 307 pistons (rebuilders had a chamfer around the edge which makes them no better than the stock dish, no quench). Or try to find a set of the forged 307 flat tops L2314F. You cant take too much off the 250 block to get zero deck, so the taller 307 pistons help get you to quench. Zero deck is the only cheap possibility of getting quench out of it as the only rebuilder head gaskets are 0.040. Pricier options are Ross pistons, and/or Cometic MLS head gasket which requires specific prep of the deck surfaces of block and head.
To keep Dynamic Compression Ratio up near 8.5:1 for premium with quench (8.25:1 failing that), you need to keep the stock 48 degree intake ABDC. So either the stock cam (172/188 duration, .389/.406 lift) or one like the CompCams 61-113 (192/200 duration, .455 lift) with stock springs, or something like the CompCams 61-232 (206 duration, .474 lift) with some Z28 valve springs.
Stock 3.875 bore by 3.53 stroke, with 0.040 by 3.88 rebuilder gasket, with stock 5.7 connecting rod, deck block to zero, deck head to 70cc, with 307 flat-tops with 2.5cc
.equals quench with a DCR of 8.47:1 (SCR of 9.5:1) on premium gas. That is what I am aiming for on mine. If you want to go with 87reg, more CCs on the head will be needed or avoid the quench. My 78 does 20mpg in the city right now stock, not sure about highway. The 4bbl is actually more efficient than the Monojet. So I expect it to go up, but if I get more the gearing in my 4spd and posi swaps, it may just stay the same or drop a little.
But Ive run the numbers, and to convert an L6 Camaro to a 350 V8 costs more than just building it up with the most basic natural aspirated build (lumps, valves, Offy, Holley, 292 HD exhaust, 307 pistons, cam). Even with a rebuilt 350 bottom end; getting Vortec heads, headers, intake, carb, cam is more expensive than the L6 parts. After that is all the changes that have to be made to the car and drivetrain. Beefing up the TH350 or replacing the Sag with a T10. The cooling system is different, smaller radiator on the L6, and the front frame area is not cut to accept the larger V8 radiator so it has to be swapped or modified. The only parts that swap over between the L6 and V8 are the bottom motor mounts, the fuel pump, and if you re-clock the alternator that can be swapped to. Every bracket, hose, pulley, connector
.every part has to be replaced. That nickles and dimes the project to death. Ive run the numbers many times
...unless I swap a stock running 350, with maybe intake and headers upgrade, out of another donor Camaro so I have all the parts
.it just cant come in cheaper than a naturally aspirated tweak of my 250. And it will just be another small block V8 Camaro in a sea of them at cruise night
.would hardly get any attention.