Unless the car has serious sentimental value I would get rid of it and get one with a cleaner body. You will be $$$ ahead in the long run.

As for the drivetrain - I currently have a 347/T5 combo in mine with 3.89 gears. Probably run a mid 13 second quarter without beating the crap out of it. If that is not enough for you then I would go with a stroked 351W. It will fit your engine compartment without any mods. Definitely an OD tranny but anything but a T5 will require you to cut the tranny tunnel.

I would stay with the stock front suspension with all the Opentracker pieces. You might be surprised how well it rides/steers/handles.
IMO IRS is way overrated. Lots of $$$ for very little gain on the street.

If you really want to keep up with a modern Corvette in the handling department you will have to modify the car almost beyond recognition. Cheaper to find one that somebody has already done so and buy it.

 

Unless the car has serious sentimental value I would get rid of it and get one with a cleaner body. You will be $$$ ahead in the long run.

I love how this keeps being posted as if everywhere has perfect bodied cars for people to get. Its not as simple in some parts of the US to buy a minimal rust car, let alone a body with no rust. It's just nmot practical to suggest that in my opinion.

I must have had this told to me 3 maybe 4 times this year when I post pictures or questions about my car, but I am less than $1000 into sheetmetal, and my car is coming along great. I've had to spend a few grand on tools, but those are not being booked as resto expenses. I can use them over and over.

If you are willing to do the work on your own, and you have the patience to learn and the willingness to make mistakes, any car can be saved and restored, and not put you deep in the money pit.

 

What's your budget and your timeframe?

15k "Right Now" Option:
If you truly want to beat a modern 'vette, in a short amount of time you'll want a solid body before you do any engine mods. For 5K or so, spend some time searching out West for a solid body, and sell your "rust bucket". Spend another 5k on the mechanicals - nothing fancy like a modular motor - stick with the 5.0 and stock suspension - upgraded with OpenTracker components of course, and you can have what you're looking for as a baseline car. It won't be perfect in the looks department, so spend another 5K on the body when its running right. 15K will get you close to what you want in a short period of time.


If you've got more time than money, like me (and most). Evaluate your current ride's rust problems. If the frame is rough, spend your time here first- repair the rear frame rails, floors, front frame rails and shock towers. This must be solid before you continue. Keep at the body until the supporting structure is sound.

Rebuild the front and rear suspension as mentioned before, then move onto the drivetrain.

You've located a 5.0/T-5 setup - that's what I started with as well. Use this for the car's shake down - you can replace as needed.

This will be a slower process, but it will still get you where you want to go.