If you get the right heads, cam and converter I think you might hit your goal with 3.23s if you can take some weight out of the car. That's assuming you are going to stick with the short 26 inch tire. My old 5.9 junkyard magnum combo went 7.47 in the 1/8th with 3.91 gears and a 28 inch tall tire. I swapped in a Dana 60 with a 3.54 gear and it still went 7.62 at the same track. I also added a 6 point roll bar so a lot of that slowing down was the weight not the gear.
If the combo is right you don't always have to have 4.56 gears ect. That stock stroke 360 has good low end torque to get you moving.