You've got enough power for 12s! Just get the traction and weight under control. Consider mods like the aforementioned drag radials (i like my BFGs a lot), Upper and Lower control arms, drag struts and shocks, drag springs, remove the sway bar, all kinds of weight stuff (there's a thread going on in the 94-95 specific section that lists a TON of stuff that i think is the same on our cars as well). 275rwhp should be plenty for 12s, just have to prep it to make use of the power. I'm going the opposite way with my car, suspension first, so hopefully when i have that kind of power i'll be in the 12s first time out.
-GM