Same scenario with mine. The car is in your horsepower range and I am running a Muncie that was rebuilt about 5 years ago and 3.42 rear end with an Auburn locker. I drive the car on the street and go to the track once or twice a month. No problems with the M22 set up. Pretty dependable so far
Like David said with the horsepower you are looking for you need to consider how streeable you want a 4 speed. My story is probably a common scenario Big Horsepower (YAHHH BABY ), change to the HD clutch, stronger rear axles. Need traction , then rear suspension gets upgraded.....it never ends. God I love it !!!