I have a 1988 IROC with approximately 67000 miles on it. Prior to me purchasing it, the previous owner kissed a guard rail. I am going to restore the vehicle because I have owned a 2 other third gens that we're carbarated 5.0L but always wanted this set up.

As I laid out my plan, I realized that if I am going to do this properly, I'll be taking the motor out, because I wanted to upgrade the heads and reprint the engine compartment. Being that I am going that far, the motor should probably be rebuilt. It would **** me off if I rebuilt the top end and 4 years later had to redo the bottom end.

I plan on driving the car on the street and trying to keep the car as stock as possible, but I would like to see 330-350 hp and at least 425 ft lbs of torque.

Any thoughts or recommendations on what to do. I will probably be on a budget of about 3000-3500 for the engine.

Also, would the 700r4 need to be upgraded to handle the additional hp & torque?

What about the chassis? Would I need subframe connectors and strut tower braces, etc?