Need Advice on Low(er) Budget Race Build
I'll finaly chime in and agree with T67 for a start. Since your currently gutting the car, it sounds like your on your way to a base package, a roller. A perfect first step.
Once you get that roller set up for an engine, a big block would be easiest IMO to achieve the goal. What is the car again? (Sorry)
Good luck and have fun.