I think a decent built 357 (.03 over 351W) with aluminum heads and mild cam with like a vortech-S trim would be super reliable and make lots of power,while not getting to bad of gas milage cause you wont be in boost while just cruising.
Any motor that runs in the 12's though I think it would be wise to up-grade to a Tremec.Not that a T-5 can handle it,but it just better insurance and can take just about any other mods you can throw at it.
Course,it you wanted to do it cheap,I would look for a 351W with bout 10.5:1 compression ratrio,though in a solid flat tappet cam with,put some aluminum heads on (like Edelbrock victor jr.'s good price/hp ratio),and a 750 carb with a nitrous plate.