Your welcome. I hate to say it because I love my TTA, but I would do something different if I were going through the trouble. I have always liked drag cars over corner cuters so I would be more inclined to pull the 305, gut the car as much as you can stand and get away with for emissions, tie the frames up to stiffen the car, then drop in a real V-8 to end up with more of a drag car. Eventually the rear end and rear suspension would have to be worked out as well. No computer to deal with, a lot less cost for the same speed, less fabrication, better parts availibility.
As for real V8, it would be a Pontiac 400 or 455.
I know, I'm odd, but it could be those two late 80's third gens I was eyeing last night while driving home and mulling over my '68 firebird project.
good luck in what ever you do, just make it your own!
Brent