I think first step, if you are sure the cam hasn't been replaced or upgraded, would be the cam. Along with that I would upgrade/work the heads.
You can squeeze some power out of these engines but it'll never be that much compared to some of the more common V8's going around.
It'll depend on how much you wanna spend in the end. Some people go nuts on rover V8's trying to get to 400-500HP when some engines are available like that off the shelf for half the price.
Having said that I like the rover V8 and it is a bit of a talking point, sometimes, with other lesser 4WD owners who always want to know "what's under the bonnet?" 
Good luck. Always wanted a V8 90.
Cheers
Mick
1999 Land Rover 110 Defender TD5 Cab Chassis
1985 Land Rover 110 County 4.6 EFI V8
1993 Track Trailer camper
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