What is a reasonable gain of HP not installing a turbo, but instead installing racing cams and piston heads?

very low, I would say no more that 190HP. 200 Tops.
its easier to turbo cheap for a grand, thats wat I would do. need to know how to weld though (basic).

"racing cams" are only give you a power gain in the high RPM range ... so you will need to actualy race to feel the benifit of a "racing cam"[sm=badidea.gif] they are useless for drivind to work, school, store and such

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other way round mate the cams and pistons give the power throughout the range the turbo give better power up the range but saying that why not do both

and a port and polish wont go amiss if you striped it all down