The engine was just rebuilt I was told!!!

Sorry to hear you got conned by another creep of society.

Everything looks dry as a bone in that engine. I would take it all apart and assemble it properly, and along the way look for stuff to be upgraded.
If it's going to be a racer, have crank assembly balanced.

10 second car?
I would look for a shorter dragstrip to get those 10's.

With a low budget I would try to install a supercharger on it for some added 'push' on those heavy stock pistons.