First off, I think the general consensus is that you won't need to "dive" into a shortblock if your goal is a street/strip car under 450 rwhp. Above that and things can get iffy. Unlike your '87 GT, the S197 chassis is pretty stiff so you won't need sub-frame stiffeners or even stut tower braces. You will need to beef up the suspension because the stock stamped parts are useless. I recommend UCA, LCA and panhard bar replacements. In front, maybe a k-member brace. After that, a tuner/cai combo is a must (if you're an auto tranny, you'll be able to tune the shifts for better performance). If you're like many of us, appearance mods will start to flatten your wallet so power mods may be pushed out to a distant future. lol Anyway, by that time you should have a clearer idea of your goals for the car and be able to make good decisions about your expectations for the powertrain.
Just my .02.