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you asked for opinions, so here's mine:
"Best" means something different to everyone, so I'll stick to 'cheap/easy'
An 89-93 Mustang. (Fox Body)
The good old 5.0L motor (aka 302) has a huge number of parts available for it, so there are choices, and competition keeps quality up and prices down. They are pretty relatively cheap and easy to work on and you can get good power gains for your dollar. Imho, it's much harder to get as much of an improvement with an already high strung import (Honda, Acura, etc.) I've heard good things about the turbo eclipse's (DSM), but I'm going with what I know.
Here's a sample:
Buy a car for $3500 - it will probably already have some parts, but this is my suggested buildup:
Aluminum heads from Edelbrock, Twisted Wedge, Windsor, etc. plus cam $1500
Full exhaust; Headers, H-pipe, and catback $600
Then slap a blower on it; Vortech, Powerdyne or Paxton - $2500
For about $8K, you'll be well over 400 hp, and should be knockin on the 12's. Especially if you make it a 'drag car' with suspension, weight reduction and street slicks.
If that's not enough, you can add juice to the mix - they DO handle both.
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