From what I've read and heard from my dad as well as other old timers the old way was high compression pistons, or a high compression cylinder head. A counterbalanced crank shaft. Better ignition such as a distributor. Larger intake manifold. You don't have to go "all out race". I have a "T" engine dad built back in the 1950s, it has high compression (Jahns) pistons and a counterbalanced crankshaft, and that motor runs extremely well. I wish I would have talked more to my dad about this topic, because those old timers knew how to make them run very well without spending a ton of money. I see new counterbalanced crankshafts are pricey. Was also much talk about installing a model "A" crankshaft also. You can even look into a 280 camshaft.
I guess it all boils down to how much you want out of your engine and how much you want to spend. I'm kinda into keeping it fairley stock. I see many people purchasing a 9mm handgun then wanting 44 mag. performance out of it. Just buy another gun.
Interesting topic. Ill look forward to following.