I do not think it would make a good FAST car. I know that JohnRR was going to race the 383 4-speed GTS I sold to him (he traded an M-Code GTS that was tubbed and caged for it) but I don't think he has done it yet. I had the opportunity to buy an M-Code GTS with a six-pack on it about 15 years ago for $7500 and couldn't come up with the cash then, I still kick myself for that one...
The funny thing about science is that if you change one miniscule parameter you change the entire outcome to the way you want it.