sk8r fer life

Not sure if this is the right place for the topic, if I am mistaken please move to a more appropriate section, thanks.

Ok guys I'm finally getting everything together and finishing planning my budget build. I'm shooting for around a $5-6000 budget, the car will be a daily driver as well as used for Auto-X(drifting) so the setup will be setup around this. The car currently is a 90RS w/ a 305 TBI and 700R4, and a Flomaster cat-back. I'd like suggestions for the build that will coincide with what I'm planning.

First off my suspensions setup, I'm going with this entire setup LINK mostly and this is somewhat of a drag setup but the fact that most items are adjustable so I'll be able to set the car for the style of racing and Ill be going with a different coil-over set. This setup comes to around $3769.95 (before tax). On another note they don't change their rear shocks, I've recently replaced mine so they should be fine.

I also want to go with an LS1 rear w/o TCS and a 3.73 gear, I'll be re-doing all brake lines, and fuel lines. Now if I get this rear is it a plug and play deal or will I need to update other parts?

I'll be switching out the 700R4 for a T56, also what do I need besides the trans for that swap specifically? As for the engine I'll need to shoot for torque on this car so I wasn't completely sure what to drop in, what I was debating was either a 350 TPI (around $2200ish) or a LT1 (i've been told $4000+?) but I think the LT1 will run the build too high, any suggestions for the motor setup? Also unsure of an exhaust setup, but it'll probably have cut-outs

P.S. if your not going to post something helpful please don't spam, thanks.
Tim