Hi Guitar Jones And Sgbarracuda / Guitar When Are You Racing Again
Gary, with the heads, cams and converters available today I think it's possible. It would have to be a well matched package though with much attention to detail. It doesn't take a lot to run low 7's in the 1/8th. A friend has a Dakota with a crappy converter in it running 7.20's with just a 10:1 360 and a .508 lift hydraulic cam and ported magnum iron heads.
I used to drive my Duster on the street with the 340, W2 heads and a .590 lift cam. It ran 11.70's in total street trim back in the early 90's. I drove it to the track, lowered the tire pressure in the McCreary dirt track tires to 15 psi and ran 11.70's with it all day long. It wasn't a car I would take on long trips but it did make a 150 mile round trip to Old Town once. But I didn't want to do it again. After I took the exhaust off and put a pair of slicks on it it ran 11 teens so the potential is there.