A chip would really wake the car up, I'd bet. Likely that's the best bang-for-your-krone. Single mass M40 clutch and a higher ratio diff (like a 4.1 or so) are a big help as well. Dropping weight is another easy mod...eliminate all the insulation, the spare tire, CF hood, patch up the sunroof, racing buckets, etc.
Might want to double check the bearing clearances & fit a full-radius thrust bearing. We only got a half-shell (an M50 has the right one IIRC). There's a thread on here somewhere about it. While you have it apart I'd be tempted to measure the oil pump, replace a lot of gaskets, change the cam gears, idler gear, worn timing components and the water pump.
Given that you can't use forced induction, I'd spend some time porting that head, removing the throttle heater and the mess under the intake if possible & fitting a cold-air intake. Degree the cams, insulate the intake manifold, wrap the exhaust, install a wideband O2 sensor, and use the thinnest fully-synthetic oil you can get away with in the entire powertrain.
If you're really looking for more power, might be worth it to find an M47 crank for longer stroke. It looks stock, you'd need a really good mechanic to note the difference. IIRC S52 pistons are the best combo with these...