Well, it all really depends on how much money you have to spend. The Olds 307 is not well suited to performance mods as it was designed more for emissions and fuel economy than anything. While it does respond to work, there are limitations to what you can do and parts are neither easy to get nor cheap.I would go with a used Chevy 350, preferably out of a 96 or later Chevy truck. This gives you the Vortec heads, reasonable compression and a roller cam.It's an engine you may be able to run right out of the box with the addition of a Vortec style 4 bbl intake , carb, fuel pump and a used but working HEI from a non computer Chevy. I would think about a better cam but the heads will need a little work to take more than .450 lift, IIRC. As for an axle, if you can find one, the 3.23 rear that was optional in V6/3spd G bodies is pretty good and can be had for under a hundred bucks if you go to a U pull it yard. For a trans, I would go with a TH200 4R. This gives you the same ratio spread as a TH350 but with a .67 overdrive-lower than a Th700R4. Plus, it does not have the big jump down in ratios between 1st and 2nd like a Th700 R4.It was also a factory option and you can use your original V6 driveshaft so adapting it is pretty easy. As for a carb, a properly set up Quadrajet can't be beat for off idle throttle response, idle quality,and fuel economy.That's because the small primaries magnify the vacuum signal at low engine speeds allowing you to run a slower idle speed. They have an excellent primary side, and 98% of your driving is done on the primaries. IIRC, the primaries flow less than 200CFM, and the primaries up to 600 CFM with the right air valve shaft. I have a similar combo in my 85 Cutlass ( except for the Vortec heads and roller cam) and am very happy with it. It will run low 14's/high 13's with traction and is very driveable around town. For an exhaust, a good 2 1/4- 2 1/2 in dual setup is best, but you can get a huge single catalytic convertor and a Y pipe if you need to run one. For the engine side of the exhaust, headers are good, but you could also use a set of manifolds from a 350 TPI F body if you needed to.They have a bigger 2 1/4 in outlet which flows better than the standard 305 maniflods which are 1 7/8 in, IIRC.If this is your first hot rod, I would suggest getting it to run well first and worry about making huge power later. Also, have a goal in mind as to what you want the car to be before you go out and buy a lot of expensive speed parts you don't necessarily need. I have no chrome on my engine, a stock style carb and ignition ( well....at least they look stock...), and even a GM air filter housing ( HO 305 Camaro dual snorkel) but the car is still fairly quick. You don't have to spend alot of money to make your Cutlass a fun car, just think your combo through and shop for the best prices.