The first thing I would look at is an sn-95 cobra wheel/brake/spindle upgrade for the front. It is easily adaptable and less money than the other options. That should even up the breaking.
At the rear you need a good 8.8 with brakes of your choice and probably 31 spline axles and 9" housing ends to reliably hold the power you will need.
Steeda/Maximum motorsports/Griggs
suspension should make it stick in the corners. With this level of investment, I would add full length, through the floor subframe connectors and a cage to stiffen it up and add some safety.
With anything more than 300 rwhp you should be able to get close to those 1/4 mile times. There has to be 100 different ways to get there. A stroker with heads, cam, intake and headers is a good way and more reliable than some other options.
The only area left is the transmission. With a 25" tire and 3.73-1 axle ratio, a t5 with a 0.73-1 overdrive will give you over 160 mph at 6,000 rpm. I'm not sure how well the overdrive will work at that speed with the power required to push it, but a 6 speed does not seem like a requirement. I would probably go for a g-force upgraded t5 unless it does not shift well enough, then I would look at the tremec's.
$8,000 for a nice engine, $2,000 for the transmision and clutch, $6,000 for
suspension, brakes and tires, add in another $3-4,000 for anything that comes up, you will have to do a lot of the labor to cut a few costs. That should get you in the ball park, but it's still less than half the cost of a new Z06.