Buy a late model Z06... For < $50K a very nice low mile used one can be had.
With just minimal bolt-ons (headers/CAI and tune) I'm pushing 509 rwhp with mine. That's good for just a tad over 200 mph, given enough room. Cam and head work can push you to 600 rwhp+. That'll net you 10.3 to 10.8 through the quarter at around 130-135 mph trap speed. I get 28 mph on trips and as my daily beater (80K miles) nets me 22 mpg combined!
Mine's been rock-solid too!