Give it a good service first, clean out the throttle body and then see how it goes.
You say it has a K&n. Is that a panel filter or the induction kit. If its the induction kit try putting a cold feed to it. If its the panel filter give it a clean and do the airbox mods. All free. Should be worth a couple of bhp.
De ramp the throttle body search throttle body porting, again free. Another couple of bhp.
For £350 you aren't going to get much in the way of real performance gains, most of the cheap bolt on stuff doesn't really get you any gains if any at all.
Polished and ported head is gonna cost you more than your budget, same for cams. A lightened flywheel will probably make the most differance but your gonna need to remove the gearbox and clutch to fit it. Cost about £70.
A rolling road remap will cost you about £250, the gains will depend on many factors.
As previously said search for Ess threes thread to see what he has done.
Paul