This is a good start and thank you all for the ideas and the PM's. I'm hoping a bunch more people will jump in and comment. There is alot of knowledge on this site and believe me, I can use it!!
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As for whether it will or won't get done.... It WILL be out next season. I have been chewing on this for years and I'm not restoring this one to it's assembly line look. It's definately staying a race car. Now I have to start gathering parts.
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I like the idea of going with a different block. It is the numbers block now and it has been repaired once already. I also like the idea of staying slower than 11.50, just for the cage aspect, but like I said before, I'll put one in if need be. I'm also ok with going with a single 4 or dual 4 and tweaking the shaker base as needed. Some of the stuff I'd like to pick up used to shave some of the costs because I know this is not going to be cheap... intake, headers, maybe aluminum heads, and such.
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As for street duty,,,, It will see the street at some point. Probably not alot, but, it will, but, that's by no means my primary concern.
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Thanks everyone and keep the ideas coming!! I know alot of racers haven't chimed in yet and I hope they do.