David, a fellow club member up here in Seattle Steve Leary has 3 birds, one really nice vert that looks close to mine, one hes working on and is his daily driver, and one he uses to drag with.
His daily and his drag car are built on a budget. And they are both in or near the 12's! One is a 400, the other is a 455. He has basically a stock botom end, some worked over Hi comp heads (mild porting, yet still runs on pump gas except for maybe race day) the right cam, intake, carb and exhaust combo etc.. It wouldn't take all that much to get there or close enough to put a big smile on your face!
Heads I would say are the biges piece of the puzzle, and I'm sure most would agree.
My last bird, a 68 with a 421, stock (intake, carb and exhaust) was WAY faster than my pretty stock 455, but with lower compression 6X4 heads also in stock form. But if (or when) I change the cam, I'll have the heads ported, and just that will make all the difference in the world!
Well, enough for me... and a vert that is. 400, 421, 428 or 455, they are all good for getting you there with the right heads!
Suspension wise, with just some poly bushings, solid body mounts, better front sway bar, a rear sway bar and some good gas shocks, and maybe some reworkes springs, and you'll be able to out drive your tires! Pretty easy to upgrade just a few things to make a big difference!