OK, we compression got covered.
Simple, cost affective things that will wake up a 360/401...
Exhaust:
True dual exhaust, 2-2.5" diameter pipes. The stock Y pipe is restrictive. Some have also moved the Y pipe back behind the transfer case where there is plenty of room to install a Y that flows better. Some prefer to keep single exhaust but have gone to 3" pipe after the Y for better flow.
Intake:
Edelbrock Performer. This implies you are going with a 4 bbl carb unless you want to use adapter for a 2 bbl. These intakes breath very nicely for the AMC motors. Other manufacturers have been utilized but Performer is probably the most widely used. The stock 2 bbl intake is fairly restrictive. The stock 4 bbl (square bore or spread bore) breath pretty well on their own but having swapped a spread bore for a Performer made a difference. On one of our Jeeps, we are running the stock spread bore intake, square bore adapter and Holley TA. It has dual exhaust and breaths real nice on road, towing and off road.
Distributor/Ignition:
We have been changing over to HEI on our Jeeps. It is an easy 1 wire solution and gives a hotter spark. There are other options for hotter spark. We have run a few different Jacobs ignitions but I think that is basically a waste of money. I have not personally felt a power difference except for maybe towing. They do start easier. I like the simplicity of a HEI and one wire solution.
OK, your motor is using oil. That is usually a sign of power loss alone. Something I have found to help them run better, is dump all the emissions crap if you don't need it by law. This opinion varies with others. Once all the emissions except for PVC are removed, tidy up the remaining vacuum lines. As in replace all the hoses. Even a vacuum leak on your heater/defroster controls can cause power loss.
My $.02...