Seems like there are 2 different routes a "fun" build can take; straight line or curves. I don't think they have to be mutually exclusive, but they do have some foundational differences. This isn't to say a stock type rebuild and cruising isn't a "fun" build, only that it seems to me that when someone uses that adjective it usually means it accelerates/handles better than stock.
I think you can build a "straight line" car to handle well enough but it will be limited. At the same time, a "curves" car will handle better but is not going to work as well at a drag strip. In both cases, the compromises don't make it a bad car, it just depends on what you want out of it and are willing to accept or ignore.
Now that I've preached to the choir, here's some ideas. Note that these ignore any kind of budget. Just ideas.
Not knowing what you have under hood other than a V8, I think a stroker from BluePrint and an overdrive auto of some type (A500 or A518 or maybe a 200R4 or 4L60/65) would be a great combination. It would work for the drag strip but be fine for driving back and forth there. Put some 205/60R15 tires on the front (relatively narrow but not pizza cutters) and a 275/60R15 in the back with some Cal-Tracs peaking out from under it. Even better if the wheels are steel with poverty caps. I would add 11.75" brakes to the front just because of the way people drive now, but drums for the rear should be fine.
The other direction would be the full pro-touring setup. 2 options there, the full torsion bar setup or an aftermarket coil over conversion. So far, doesn't seem to be a huge difference in the performance between the 2 so it more comes down to what you want. Just don't assume that just because the suspension design is 60+ years old it has to be replaced, upgrading the parts without changing the basic design can yield great results without spending a fortune. One note, if you jumped into the deep end and wanted a Gen3 and 8HP70, rumor has it that
@HemiDenny (HDK) is making progress on a nice swap option with his coil over kit.
Based on the fact that it looks to already have a spool mount k-frame in it, I would go looking for a 5.7 or 6.4 and use the Holley swap parts with a TKX or T56 myself. Get ahold of
@BergmanAutoCraft and upgrade the torsion bar suspension. Put some 13" or 14" brakes on it and 18" wheels with 275/35R18 on the front and whatever size you can squeeze in the rear.
The wild card option would be the full pro-touring suspension and brakes, but with a big block instead. More old school, and unique for sure. With all the aluminum you can throw at it, not much if any heavier than an all iron smallblock.
Dang, that turned into a small book. Sorry about that.
