START by making sure it's producing rated power.
COMPLETE tune-up and inspection:
Scan tool to verify no stored/pending codes, and to look at data stream for any inconsistencies.
Compression test all eight
Fuel pressure test at heavy load, high RPM
Check air filter, probably replace fuel filter
Verify exhaust is not plugged or partially-plugged. An aftermarket monolithic catalyst is STRONGLY recommended, especially if the original catalyst is the old "pellet" type.
Fresh spark plugs, verify plug wires, distributor cap and rotor, and base ignition timing
Fresh O2 sensor if it hasn't been replaced in several years
AFTER you know for sure that the engine is running as it should, then you can start with more extensive modifications.
My '88 is getting aftermarket cylinder heads, and aftermarket intake manifold. I'm hoping to use a Vortec 5.7 cam without computer mods. Maybe I'm dreaming.