stock 302 is dead!!!!

Posting this for a friend who has a 88 gt vert bone stock the motor id dead (bad rod knock) time for a rebuild. What i know about the ford 5.0 is ..not much lol . He wants to go fast. The budget for the motor is about 5,000 .Any suggestions? He still wants it to be reliable enough to drive often but not as a dd. should he ditch the fuel injection and go with a carb or keep it?comp. ratio? i know the 5.o is a stout little motor but what type of comp ratio v.s spray? keep in mind this is a speed density car and not mass air so if he keeps the f.i. that will have to be changed. with his budget how would you build it.I know everyone has a different opinion but that's why i'm asking.with the right suspention setup do you think he can get into the low 11's with spray?thanks for the help guys the only fuel injected car i've ever worked on and raced is my 99 camaro. so i'm new to the 5.0 crowd but i hope i can learn alot helping with his buildup. and sorry if this is posted in the wrong place

i'm not sure about the block but the internals will be replaced with forged parts not sure what ci he will end up going with but the plan now is to build a stout little motor that can take a 200 shot we have to find out what kind of comp ratio it will stand with a powerglide one thing i'm wondering is what the stock block is good for with a good balanced forged bottom end . Now he's thinking weekend cruiser and bracket racer more than a driver.