I agree with others about the full-weight flywheel. After running a lightened flywheel for a couple years, I went back to a full weight flywheel on the same motor/car/etc. (only change was the flywheel and a new clutch) and it made a huge difference. Felt like another 10 HP when climbing hills.
However, unlike the others, I am not a fan of the high compression heads. They change the torque curve noticeably, and as long as you keep the RPMs up, they will serve well. However, if climbing a steep enough hill that the RPMs fall off, then the high compression head loses to the stock head every time.
With the stock head, the car could climb the hill to my house (about a mile long, kinda steep) in 3rd gear. It would go down from 50 to 40 MPH and then just dig in and stay at 40 MPH all the way up the hill. After swapping to the high compression head, it feels stronger at 50 MPH, but on that same hill, the RPMs fall off, then it gets below 40 MPH and then it really falls flat. I have to downshift and go the rest of the hill in 2nd gear, real slow.
As soon as I have a good excuse, I am going back to the stock head.
The trick is with the valves and the cam grind. The touring grind cam and bigger valves gets more air into the cylinders and gives you a lot more for your money and effort. It feels like another 10-20 HP all across the RPM range.