Can I hit the 11's? low 12's

You need to lop off about .5 and should be able to find .3 in the first 60 " I bet.
Sub frame connectors will be a huge help there.
S/S leafs and adjustable front shocks ?
Or Caltracs.
The tires will want around 18 psi +- a couple psi I think.
A 295-55 gives you a shorter tire and would help some.
I need to ask.......what kind of man welds a sump on backwards ?
What else did he do .......cut one big opening and cover it with the sump ?
I used a hole saw and made 4 one inch holes so the tank bottom acts a a baffle and should ensure that if there is fuel in that tank , there will be at the pick up.
It will still work.......hell , I am thinking of a catsup bottle ( squeeze type ) , where if the sump is far enough back , you may see some push from the fuel in the tank as you launch due to a surge.
A well thought out fuel supply would be next for me.
Build a solid foundation and don't be afraid of overkill because you will likely be upgrading and looking for more once you start rattling off low 12's.
I don't mean BG 400's ...... but a 140 or so GPH pump with regulator and return will be good well into the tens if you dot the i's and cross the t's.
Once you reach your goal ( you will ) , it will be roll bar / cage time.
Again , keep one eye on the future if it is to be a serious drag car.
If it is too nice to cut up , then mid-high 11's it is.