If the 734 BB kit is part of the $1500 budget it's going to be a challenge. Looks like about $600 or so for that, leaving about $900.
First your going to need is a efi controller. Sounds like you're going to be into it so buy the right one first - get a PC3 or PC5. Used they can be found for around $200
An intake is next. Many speak of the FCI being the best, but they're about $200, $300 if you need to run the box. Many other adapter filter kits work very well and can be had for under $100 used. Your call on what to spend.
Exhaust - always a debate about duals or single. If your going BB perhaps the dual is the way to go. Expect to pay $500 used.
That pretty much eats your $1500 budget but I'd strongly recommend getting a cam to go with the piston and other mods. If you want top end power, do the HC3. More low/mid I'd recommend the HC2. Either can be found used for under $100.
Next would be to add a +3 throttle body $200, followed by an ignition module $300.
Hope that helps.