Torque is what launches you off the line while HP is what gets you down the track. If you have tires that can handle it (and it's hard to find that in 15 inch tires), then go for all the low end TQ you can get. On the other hand, if you're a little too anxious on the "go pedal" and all you have on the back are 15" BFG's (or the other popular H rated meats out there), then all you'll do with gobs of low end TQ is go up in smoke, while the guy next to you in his Honda S2000 (about 190lbs / tq) will leave you in his dust. With lots of HP to get you down the road, by the time you're getting through 2nd gear, you'll be laughing at the guy in the Honda and pulling away with a big grin on your face.
Would I be starting something if I said that this "formula" holds true in the case of a Big Block vs. Small Block, as well?
