I take it he's still a teenager? My oldest's shenanigans led to my "No V8s for teens" rule. Personally, I'd be looking at the nearly-free mods that take work instead of money so that he's less inclined to break it.
Vortec heads take some work and money to adapt to a TBI block. Finding a good, uncracked set at Pull-A-Part takes a bit of luck and careful inspection. Why not have him port the TBI heads? If you do go the Vortec route, the Summit intake is significantly cheaper than the Edelbrock.
What fuel management system are you going to use, the stock TBI? Carb swap? Homebrew TBI mods? Holley Sniper? The factory TBI isn't good for too much more than stock - but
@PlayingWithTBI can give you tips on making it work with more power. Plan on spending a couple Benjis on TBI tools.
The most bang for your buck comes with exhaust. If you have a welder, some cheap headers, cheap mufflers, cheap cats, and raw tubing is a great exercise in working for more power with little cash outlay. I have about $500 in my full exhaust. If you don't have a welder, the $100 no-name flux core welders don't absolutely suck at welding exhaust, but I'll stick with my Miller 211, thank you.
If he's looking to pick up dates, remind him that girls prefer a clean and comfy cab to a loud exhaust.