Yup. And by re-camming the stock engine, you can get 300 hp and 400 lbft. Replace the mechanical fan with an electric fan (which if properly adjusted should hardly ever come on except on a hot day in stop-and-go traffic, or pulling a trailer in the mountains, or rock-climbing) and you can free up maybe 15 hp and 25 lbft.
Much over that, you are looking at different heads and maybe pistons, or machining the heads to get the compression up, etc. You can spend a lot of money quickly going that route.
But a new cam is cheap and easy. Comp 12-235-2 is probably the best all-around replacement cam for a stock 350 in a street machine. If you do the cam, replace the lifters or the old lifters will eat the cam. New springs, too, if there are over 10,000 miles on the springs. Stock springs are fine with that cam.