What are some low-cost engine Performance Products for my '56 Chevy-406

Hi I'm Bill: I am a new owner of an old '56 Chevy 210, w,406 sm.block, w/11:1 compression & Eldebrock street cam. It should run in the 12:00 second range w. an auto-matic, says the previous pwner. I plan on racing it occassionally at the drag strip. Since most of you members are experienced Gear Heads, I am asking for Low-Cost tuning items for the motor?? Should I switch to synthetic oil for engine & trans, rear-end, & and what manufacturer. I have some ideas I will reveal later, from racing articles etc.. ? Best ignition? I have read some articles on racing products, but I'll hold my comments till I hear from the Experienced Gear Heads/Thanks

 

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Thanks-Maass