I had somewhat similar goals when I built my Challenger except the goal was handling more than 1/4 mile. I started with chassis stiffening - torque boxes and welded connectors then beefed up just about every part of the stock style suspension. 13" front discs and 17" wheels with sticky speed rated tires finish off the rolling part.

The powertrain starts with a low deck Ed headed 496 with FAST XFI, 5 speed Keisler TKO600 and 8.75/3.23 rear. The TKO has the more moderate .82 OD so 5'th is a top speed gear. The steeper .64 ratio would work better for cruising.

It all works very well together. After sorting out, it is reliable as well. I just made a 4300 mile trip from IL to CA and back in a week. Mileage was just over 14 MPG. The longer OD would probably get it over 15 and maybe 16. A six speed would be best of both worlds.

I guess engine HP is around 550. Better heads like Victors would get it over 600 without a crazy cam. Much more than that and the stock wedge block can get iffy.

If I did it again now, I would consider the Gen III Hemi. The block can take a lot of power (more than a stock wedge) and heads flow well. It could likely meet your performance goals NA. Also a 6 speed.

If I did it with a wedge, and could afford it, I would look for an aluminum block.