[Jehu]

With a quick look around my suspicions were confirmed, with minor modifications the '02 Trans AM runs 325-350hp... it wouldn't take alot to bump that up. Even my stock '83 5.0L Trans would have cooked my stock 85 2.8L Fiero (SE). Both being Auto.
My personal opinion is if your going to race get a stick. I have seen some auto's roast manuals, but for the effort your putting into it on a low budget, I'd be talking dad into letting me get a stick.
As far as your engine goes if your interested in keeping it, from stock you have so many optins... it all depends on what you want to get out of it. Obviously getting headers & an exaust system will help a bit.
As fir another car, like I've always said. Find what you like and go with it. I've got friends sporting everythig from Mazda - Mustang - Maxima (and of course honda) It all depends on what you want ot do with your car, and the kind of ride you like.