Excaliber... sounds similar to what dad has just done... not the times though
I have seen cars with half the power out perform cobra's on numerous ocasions...
What is your primary use for the car? Drags? Track? Road?
Drags - too much Horses are never enough, but dont forget the suspension and drivetrain have to go OK too... but out & out power will be suffice.
Track - get your car handling righ twith good suspension and even better tyres... people spend all this money on engine then go out and try and drive and the tyres let go first... ( NO NAMES:ROLLEYES: )
Road - make a good blend of drivability and power... you will find that your standard quad cam with some small tweaks will waste a WRX on the go, and a HSV will be left in your wake from any point... compare it to a euro car (say a 330 bmw) which has a blend of power & refined handling and you will probably wind up following in its wake around a track if they can drive.
(they can watch TV too

)
I hope this makes sense...