Honestly, if you forgot the street car and went stocker, you could do it cheaper than what you have now. Maybe not be a class winner, but certainly mid 11's on a 1000 dollar stocker motor is completely realistic. Just add gears and converter. True street cars are much harder to build.
I ran an automatic for a short time a few summers ago with that pink 318 and that taught me that I don't want another automatic in my car over again if it all possible...
Even though it had the stage 3 transgo and shifted for an automatic like a dream it still was no for Speed and was quite boring to me..