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I'd do a moly cage. It will last forever, it's worth more if you sold the car. You can put the weight you save somewhere else, or just save the weight.

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I also agree with MRPBODY, the moly cage is stronger, safer, lighter and better in a crash, especially on a drag car. That being said NASCAR wants mild steel, probally because a lot of the good old boys do a lot of the work themselves in the lower, slower local race cars and they don't want them trying to weld chrome moly with a OX Acetelene torch