$50 Craigslist 360 EXTREME budget rebuild??

Go for it! Save your lunch money for a used nitrous setup and see how far that 'ol 360 will go.
if i recall right, the guys at roadkill sprayed a worn out, junkyard 68 cuda 273 into the low 12s, straight from the junkyard. That's pretty quick for a junkyard motor, the 360 would have to be good for 11s on spray right?