The GM 305 is a nutless hunk. You would HAVE to re-engine it.

 

Get a late 80s mustang coupe, put some 4.10's in it, a trick flow intake manifold, an off the shelf cam in it, and some trick flow twisted wedge heads on it with the supporting mods and you're in the 12's. Total, you'd probably pay around 7000. I've got a 95 mustang that should be in the 10's and the parts are so cheap because the 5.0 has been around for almost 40 years.