From my previous experiences, even 35hp on I/H/E is not really attainable. You should expect more along the lines of 10-20hp.
It all depends on what your overall goal is. The highest horsepower for the buck will still be some kind of forced induction (actually it's NOS, but i don't want to go there). If you decide to go all out NA and want to get the same amount of horsepower, eventually you'll spend the same amount or even more than what forced induction would cost you in the first place.
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