| Dear Dick,
The engine should be bored only enough to clean up the cylinders. Power gains from overboring are not worth the cost in engine life.
The cylinder heads will benefit from standard performance operations such as a multi-angle valve job, port matching, and bowl blending. Full porting usually isnt justified on a street vehicle.
The rear end gear ratio needs to match the cam and the way the car is going to be driven (around town, highway, race only, etc.) Work with your cam supplier to choose a cam/axle gear combination to match your needs (including the use of nitrous).
Speaking of nitrous, make sure the bottom end of the motor is up to the task, or you will scatter the engine very quickly. It would be a good idea to contact an Olds high-performance/racing supplier for further recommendations.
Good luck!
Marty
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