Well, the 3psi on ft brake is one of your issues. Your brakes are more than likely worn out in the rear. Do a search on here for rear brake setups. You can put the S-10 aluminum drums on the back and loose 5lbs of rotating mass at the same time and put two of the "long" shoes in the drum. I went from not being able to hold more than 5psi on the line to being able to hold 10-12 from just changing my pads....
Do a full spring cleaning and a good brake job, nice burnout, and try to hold them to 5-10psi and HANG ON! Even a modest 1.8 60ft will feel like ridiculous if thats the lowest 60ft you have ever cut!
Now you can go more in depth and add an air bag(s) to the rear end and upgrade your lower control arms, but you should be down in the 1.7s before you need anything more.