Just got my first resto car.  Vehicle in good condition.

It is stock: 330 v8, 4bbl, std exhaust, 2 spd powerglide, std rear end.

Would like to improve on performance and even maybe improve mpg, Any suggestions for the capable but not experienced hobbiest?.

Thanks,  

First, always make sure the engine is OK mechanically -no leaks, no death noises, not burning oil, etc, etc.
Then go with the basics: a tune up (ignition, plugs, wires, timing, etc),a good 4 barrel carb, around 600-650 cfm, and a dual plane intake, headers (1 5/8) and 2 1/4 or 2 1/2 inch dual exhaust.  An X-pipe or an H-pipe will help torque for street driving.  These steps will help street performance and mileage.  You can get all of this from Summit or Jegs, or even your local speed shop.

I personally like the PG trans from a nostalgic standpoint (it really confuses some people when you tell them you have a 2 speed transmission), but a 3 speed or an overdrive will help mileage and acceleration.

After that, it depends on you preferences and how much you want to spend.  Rear end gears, performance cams, and so forth will help with performance, but may hurt mileage.  I don't know the performance limits of the 330, but the further you take it, the more it will cost.  It's all a compromise.  Have fun with it...  

Thank you, I am having fun with it and I will use your suggestions as a starting point.

One more question, If you or anyone knows, are there overdrive kits for a 2spd pg trans?  If so, are they reasonably priced and worth the effort?  

I'm sure that would help mpg tremendously on the highway or do I need to upgrade to something like a TH350?

Thanks again for the quick response,  

i also own a 1965 442. the automatic option for oldsmobile in 1965 was the 2 speed (jetaway) not powerglide. and getting more rare everyday.this is a sweet choice for resto.project,you do not see alot of these cars. i take mine to car shows in my tri=state area. and i have never seen another.i pull to the pumps at a gas station and a croud will form. you have something that alot of motorheads want,i like to call it (rareity muscle),don't get me wrong i love my chevys but it's not a camaro or a vett.everybody has them, i hope you go far with it in the resto. i would like to swap pictures if you have any....keep it simple but, street...... coilpac