Low budget:
Anything that adds fastram will do.
I have a stock 1200 loaded with games and 4Megs of fastram added. It runs most whdload games fine. But since the tiny cpu has to the job you can forget about a fancy workbench eyecandy sort of thing. Just basic.
Sensible budget:
Get an accelerator with an 030. There are cheaper acceleratorts with 28Mhz 020's about but it does not give you the kick you need. An 030@28Mhz is very easy to obtain. You can pave the road here with MTec branded boards. Better getting a 030@50Mhz. Vesalia had them listed fo about 90 euro's new! But they are running out of stock I guess since their pricelist doesn't reveil the price anymore. Other advantage off higher end 030 board is PCMCIA friendlyness (read; more than 4Megs won't disable the PCMCIA slot-) and perhaps scsi addons.
Lesser sensible budget:
A board with an 040 cpu. But prepare for spontanious combusting A1200.
Insane budget:
Get a card with an 060 cpu. Prepare to pay big time. In my opinion you should only do this if you really want to do heavy work on your amiga. These cards are just too expensive for hobbyism. (Not stopping me from thinking about getting one :-P )
Or you can go PPC which I know nothing about.