squeeze 250+ hp out of it
It can be done, but it's expensive. There's no practical way to increase engine size, and you can only raise compression until it won't run on pump gas.
This leaves 2 avenues of approach: higher efficiency (porting, cam, valve size) and higher RPM.
It's also not the same 250 hp you would get from a mild 350 - it will have less low and mid-range power, and only produce peak power at higher RPM.
It does make a pretty good turbo project if you can fabricate.