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What type of mods do you have in mind and what is your idea of cheap? Would you like more power, softer / firmer ride, different look? You can do many mods/upgrades by going to IPD and seeing what they have to offer. If cheap is what you have in mind then hit the boneyards. If your lucky you can find many upgrades like Turbo or IPD Sways, chassis braces (rare), rims (VIRGOS), etc.. Keep in mind that your options are greater as long as your wallet is deep and your time is a plenty. Here are a couple mods I did to my 79 264GL:
Pre-81 to 81+ Style Dash Swap (Plus Gauges): Total Cost $100

Close up of the gauges

BW55 (AT) to M46 (MT) Tranny Swap: Total Cost $250

Shifter Close-Up

Like I said many things can be done as long as you have the time, funding, and imagination. The harder you look the better deal you might be able to get on parts/mods for your brick. My suggestion for cheap work on you brick is tuning, inspecting, and cleaning. If I just did that on my 3 bricks I would be busy for years. Good Luck!
Sincerely,
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Julio Meza 1979 264GL B27F 124K --> BW55->M46, CLS, IPD Sway, 81+ Dash, Gauges 1979 262C B27F 159K --> Restore Project w/Possible V8 1984 245DL 211K -->Wifemobile
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