Limits of an Edelbrock performer and 1405 600cfm carb

sounds like 300 HP to me. It will be a fun driver but you wont be beating any modern muscle or run 13's. You probably wont beat my Audi A4, but its a sleeper....1.8L big block. :burnout:
If you want to break into the 13's, you will need some head work or stock EQ's, a cam in mid .500"s, better intake and injection or 750DP. You will also need to outfit the car with some sort of traction control, suspension mods to avoid wrap ,some different shocks for weight transfer and sticky tires, no necessarily slicks but better than street tires. To be safe you will want to target 450HP. 400 will do it if car is perfect, but better to shoot for 450.

The build you are talking should put you into high 14's with some chassis set up.