Beginner Road Track Racing: Feedback on Engine Options Wanted

What class is this for ?
What are the rules ?
Do you want to be competitive ?
Win seasons or the odd race or just have fun ?
Handing is gonna matter more then the engine.

You kind of have to know the rules inside and out to find any advantages, when I wanted to do Time Attack the rules seemed to put more value on stock hp ratings of the engine than modifications.
So I figured modifying the lowest rated V8 engine would of gave me the best advantage why my name is 273, cause it was gonna be either based on 2 bbl 273 or a 1980 (i think) 318 cause it was the lowest rated 318, would of been whatever engine they valued less but then I realized I'm not well off and this type of racing is above my pay grade among other things.