Big small block

I think with that block choice (which would be the right choice, IMO) you could do anything you want. You just need to know how much you want to spend, and then figure out the heads BEFORE you order the block. I have a fellow I know that runs mid 8s (in the 1/4) on a 10.5 tire in a 2nd gen (mid 90s?) mustang. It's a 351", non stroker, with a large single turbo. This is an outlaw street racer so it has to look and sound sedate, and it does. I'd go for a large single intercooler turbo, 360", top quality crank, rods, and pistons. I'd run Indy 360-1s and have Jeff at Modern Cylinder Head port and finish them along with the intake you choose.