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I think there is "built", then there is "BUILT". When "low-dollar" is crossed off, and a rip-rev'n engine is BUILT, what can one expect??
With no budget and the right combo converter trans and gears i think a 12 sec street 318 would be obtainable. Maybe even faster. To me a street car has to be able to drive at highway speeds (65-75) without over heating and all that. So that will rule out tall gears. Oh and pump gas is mandatory for a street car IMHO