For a streeter Redline HP is kinda irrelevant. First gear will often get you 60 mph.Its often 50 mph before the big cam engine even wakes up.
A streeter needs to deliver a lot of torque, way down low. You can do it with engine. Or you can do it with leverage.
A well built 318 can be a handful with 4.30s and a 3.09 low gear.
Imagine a teener making 350# at 2400rpm and running 4.3x3.09=4650 ftlbs out the axles. Now work it backwards with 2.76s and a std 2.66 low. That 360 will need 633 ftlbs to equal that 4650 out the axles ftlbs.But, you say what teener puts out 350@2400? Ok, work it out as 300ftlbs. That teener now puts down 3986#, and the 360 will need 543 ftlbs with your current gear-train.
OP
Around here I can buy a good used low mileage 360 smogger for $250 to $400.Even a sucked out smogger can put out 300#. That, and a set of 3.91s and a 5speed stick or a 4auto(cheap) will be a ton of fun. And you could be driving that A in a week. And if your not looking for comfortable highway cruising at low revs, the extra tranny gear(s) can be skipped. In which case I would recommend 3.73s and a 3.09Direct 4th tranny. This will get you an 11.52 starter gear. and 4000ftlbs at around 2500rpm/17mph, more than enough to blow away any pair of street tires. If you need more, (I cant see how)ride the clutch. And cruising at 60mph will be a tic under 2800rpm.
You could be into this thing for as little as 1200bucks, certainly under 2Bills. Used engine$400. New gears$400. 3.09 tranny $400.Errors and omissions; up to $800.
Put the rest of the budget into paint/bodywork and upgrades to; brakes,suspension,and steering.
Anyway that would be my plan.Just MHO.