This engine is not really much different than any other flathead . . . so what you're asking can be answered a TON of ways.
If I was you, I'd purchase a couple good flathead books and invest some time in learning the various ways you can build these engines - and talk to people who have built a lot of them. There are great component choices from just about all the "big names" - and some are more for bragging rights and looks - than just performance. The more you know, the better decisions you can make. Also, there are a lot of myths and often repeated "facts" that you see on the WEB - many are just repeats of something that somebody heard - with no real experiences behind them. I've been into these engines for 40 years - and it still amazes me how often I hear some of the same stupid/wrong comments on what the "hot setup" is for XYZ situation. So - the more you learn, the more you can filter out the "noise" and learn WHO you should listen too . . . and what is important to understand.
It comes down to what are your expectations for performance, how will you use the engine/car/truck and what level of investing $$$ (budget) are you trying to work with? Also, are you doing a full rebuild, who is doing the machine work and assembly, etc.. If you're just bolting on external parts - that is way different than tearing into the engine, boring it out, doing a valve job, new cam, new bearings, new pistons/rings, etc.. Give us some more to work with!
Okay - way too much coffee for this kid today . . . better get something done! LOL
B&S