02 pro charged gt is it worth the build for the track

I owned the car 14 years ago, and I just recently bought it back. The car is a 02 Pro charged (P-SC1) GT. When I bought the car 14 years ago it was mint and was Dyno and Tuned @ Delk Performace. I believe it was around 400 plus to rear tires. My sons long time GF drag races at a 1/8th mile track, he is wanting to run it (he ran her 68 Nova friday night and hit a perfect light second time down the track and now he is hooked, her car runs 7.80's).
It is a manual, so I know to be consistent it needs an Automatic (thought about a powerglide).
I believe the engine is stock, it does have 373 gears, X pipe exhaust, 75mm throttle body.
I would like to be in the Low 7's and would like to know what it would take to get there. Our budget is around 5k, but we are thinking about making it a father/son car and adding to it each year. Any suggestions
 
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If you want consistency then definitely go with an auto, as well as the fact that there is nothing faster than a modded auto, a jmod, a transmission cooler, and a high stall converter will turn a 4r70w into a beast, and they can handle a good amount of power in stock form. The problem becomes that with much more than 400 hp it starts to get slightly sketchy with the 4.6 stock engine internals. As well as personally, I don’t think I’d feel comfortable with anymore than 450 on a stock 4r70w(with jmod) So if you want more power and don’t want your engine to be a ticking time bomb, I’d maybe look into the cost of getting forged internals for the 4.6, maybe a 5.4 swap because the ridiculous torque they have, you could swap an f-150 coyote into it and get 350 from the get go but also is gonna be a little pricey and there is lots of stuff to change. There are so many options with these cars it’s honestly kind of stressful making a decision.mmr ( modular motor sports racing) sells a 600 whp rated 4.6 short block for 4,000, or you could just by the kit for it they sell and save some money and do it yourself if you feel comfortable enough, but this can be achieved for 5k or less. Although If you did this I’d also highly recommend porting out the stock PI heads, or maybe getting some trickflows ( but those thing are pricey as hell) and that will give you a nice, solid increase in power. I’m personally about to start building a 4.6 2v and I’m going to get a 4.75 stroker kit, with trickflow heads, cams ,and full bolt and just run a high compression n/a 2v and hopefully get close to 400 to the wheels. ( because my mustang is my only car and I drive it everyday and deliver with doordash:nonono:)
 
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An auto with a high stall converter alone will turn that car into a rapped ape!
I talked to some guys last night and that was their advice. Start at the back and work my way up. Im wanting to swap to Auto Trans just don't know which one to use, everyone has their own opinion. I just need to know which one is the best without spending all my money on it. The Hp upgrades to the engine might be further down the road.
 
I talked to some guys last night and that was their advice. Start at the back and work my way up. Im wanting to swap to Auto Trans just don't know which one to use, everyone has their own opinion. I just need to know which one is the best without spending all my money on it. The Hp upgrades to the engine might be further down the road.

I would LOVE a 10R80 or even a 6R, but they are still too much more than what it cost me to build my 4R70