Well, far as I know 82 Regal did not come with stock 350's. So if it is a 350, rather than a 305, it must have been special ordered or it was transplanted at some point.....
Now if it is 350, you can build that easily to give you more kick. Now if it's a 305, which history dictates is more likely, it's not worth the $$ to power to build it....
Suspension upgrades are common for g-bodies in general and range from dirt cheap to hella expensive. There is a thread here with all kinds of chassis reinforcing info, but easiest thing you can do is upgrade you springs and shocks, and definitely a sway bar in the back if it doesn't have one.
Now with that you will lose a little of that 'driving the couch around town' feel, but you will gain a ton of stability....lots of reading to be had on this site, so have a look around and see what might appeal for you