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It takes alot, Full bolt-ons (LT headers/midpipe/tb & plenum/intake/pulleys) and VT stage 1 cams(or better)/head work or new and better heads (not sure what kind of heads would be better then stock)and a tune, that would pass 300 most likely, but people with experience will prolly post and tell you how they did it or whatever...then you can go deeper into the motor but i dont know much about that.
Full bolt-ons including long tube headers, cams and one HELL of a tune. I'd be surprised if anyone sees 300rwhp without touching the heads..
A guy I know at a local performance shop in Kenner, LA that had an 01 GT that put down 295hp at the real wheels with just full bolt ons and a tune. He didnt even have headers installed, only Bassani X-pipe and Mangaflow magnpacks. I say he "had" a 01 GT cause he put a Vortech supercharger at 10psi on it and installed his headers, and his third race he blew it lol.