Beef it up how? On the bottom end it's got seven main bearings, a strong crankshaft, and more low end torque than a 302.
If you want more top end power, you can start with a cam swap. If that's not enough, you can get intake manifolds from Clifford or Offenhauser. You can also get headers, or use EFI exhaust manifolds from an '87+ pickup.
For more help, try
http://fordsix.com. They have a forum dedicated to the 240-300 big six.
It's a great engine...have fun with it!