I only paid $2500 for the car, it's the 35th anniversary GT, and have put about $1500 into parts. Unless I can find a tranny for $1000 or less I'm just gonna run my car into the ground. It's my first car and I'm enjoying taking it to car shows and the track and accepting the occasional stop light drag challenge.
Sounds like you have it figured out. If I were you I would not accept red-light racing challenges. The fun your having is risking your life and other people around you not to mention traffic tickets and insurance rate increases from the point.