Thinking of getting a new car. What do you think of this

I want a faster car. Like not beat that vette wow fast, like 10's fast.I am also kinda sick of how whenever I want to work on my car, its down for weeks at a time and I have to bum rides to work and such. I was thinking of buying a beater for just driving places but I dont want to have a crappy car that everyone will see me in everyday. So I was thinking about this, get a POS fox, put a 351 based motor in it and a big shot of nitrous. Have the interior stripped out and remove anything I dont need for driving. I would not register it like that I would save on insurance. If I did want to drive it on the street I would slap the plate from my 94 onto thatjust for the day or whatever. Or since it will probably be a 4 cyl car it probably wouldnt be that much to insure. I was looking around at foxs and found a few ok ones but they are kinda far. Then I found this thing,

http://cgi.ebay.com/ebaymotors/ws/eBayISAPI.dll?ViewItem&category=6236&item=2492921700&rd=1
Its about 20 minutes away and its only at $300 right now. How much power could a mildly built 351 with a 100 shot make? And whats the biggest shot of nitrous it could hande if I lower the compression a little? Im afraid of doing more mods to my 94 cause of losing reliability.Think this is a good idea or should I keep dumping money into my DD?
 
If you don't buy the expensive parts (ie. big heads) for a 351, it won't make any more power than a 302.

My idea of a budget race car is to start with a 4 cylinder Fox and drop in a new Ford 302 shortblock with an E cam, GT40Ps, a carb and a 100hp shot. Fuel injection would be nice if you could swing it. Then I would put a Performer intake with a wet plate system on it and run 11s.