na for sure. put a turbo on it, then hotter injection pump, then intercooler, intake, exhaust and that is about it if your staying on a budget.
hypermax makes a decent cowl intake kit that you cut a hole in your firewall right above the brake booster. i guess it helps some.
If you friend wanted an engine that will be reliable and tough he bought the right one.....it will tow but will be in the slow lane and will be slowing down if he sees a hill.
I agree PSD swap or a, *cough* 12v swap *cough* if he is looking for reliable, proven power over 300 hp.....
Other than that, put a fresh injection pump and injectors on it and drive the thing.