For a 5.0, id stroke it (347) get a lumpy cam(x-303) , some edelbrock prefromer heads and rpmII intake, some 4:10s and sticky tires.....of course to be safe get bigger spline axle and maybe a built AOD or tremec 5 speed. Thatll get you there an faster if you get it all right.
Other routes incluede a supercharger on a moderatly built 302 0r 331....and some N02 doesnt hurt
ohh and if everything checks out ok on it...then yeah 3500 is a decent price..what tranny though?
ohh and you might search the forums at
www.corral.net and there is a ton of info on them there.