I'd build a motor like mine then 8) you dont need 400rwhp to run low 12's in a 3300-3400lb f-body. Heres what I'd personally do...
I'd pull out that L98 that do a basic rebuild on it using the stock rods, crank, and maybe some cheapo forged pistons. Get your compression up around 10:1 or higher. Now once you have your shortblock get a set of Vortec heads. Swap out the springs for better ones, screw-in studs, have the guides cut down if needed. For a cam go with Comp's XE274 (230/236 @ 050, .490/.490, 110LSA) or if its a hydraulic-roller block go with something like the XR282HR (same specs as the hydraulic but with more lift). Edelbrock RPM intake, 750 Holley or Demon carb, junkyard HEI with a recurve kit and good coil/module...
For the car get some 3.73's, a 3500-4000RPM torque convertor, and some sticky tires. If you don't go low 12's you can punch me in the mouth. My car runs fine on pump gas and I could drive it every day if I felt like wasting the gas.
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