Cost effective? That's a bit ambiguous. Cost effective for me may not be worth it for you.
But here are some things that come to mind:
Venom programmable nitrous system. Will give you 10 to 175 HP depending on the settings and your motor's ability to handle it. About $1200
Install forged pistons (12 to 1), competition connecting rods, balanced crankshaft, Hi Pro cam. less then $2000 (assuming you do the assembly yourself) You'll have 12 to 1 compression ratio. As a rule of thumb, and mind you this is a rough rule at that, for every point you increase your compression (going from 9:1 to 10:1 is a move of one point), you'll add 10% more HP. Now that being said, if you had a 170 HP V6 and added the new heads that added 1 point, you would have roughly 187 HP. Add 2 points and you would have about 206 HP. Add 3 points and you're at 226 HP. Now again, I emphasize that this is a rule of thumb. Every engine is different in exactly how much gain you'll get per point.
Do all of the above and you'll have a great motor for about $3200 if you have a manual transmission you'll be fine for up to 300 HP (I'm assuming) but if your trans is an automatic it would require some strengthening.
Anyway, just a thought.
P.s. The prices are based on Venom's web site and Vanir's web site.
Venom Dead Link Removed