Cam is never a waste of time IMO.
Nick made a good statement as well...get an intake on that car.
My buddy had these mods to his N/A 3800 and made just a tick shy of 200 FWHP and 220 TQ...
GT2 Cam
PEM's
3" Catless DP/3" Single outlet Exhaust (It was an SE)
HV3
Ported L67 TB
L67 Injectors
Poly Uppers/Solid Lowers
DIY Shift Kit...I think...can't remember
4" HAI w/ K&N
Custom HPT Tune
All through a motor/trans that had almost 180k on them...and probably pretty tired. So...I'd guess about 15-20 more horse if that thing was new and in good shape. That gives you an idea of where your at...and the GT2 is bigger than the GT1.
I'd get your TB Ported...and make an intake...and have Paul retune it. If your worried about fueling get GTP injectors...if your worried about cooling...get a GTP radiator. I'd also get a 180* T-Stat if you don't have one yet.
If I was in your shoes I'd do this...
Make a fenderwell...for about 50 bones or less...4" tubing to the TB...port your L36 TB...Get Speed Daddy headers...if your worried about it passing inspection...you can get a universal Magnaflow High Flow Cat that is 3" in/out and slide it in where the SD's normally just get rid of the cat. That should put you around 200 FWHP.