Just keep it simple... its what i did back in the day, and it will keep the costs down and you can easily run 14s with a 350hp SBC and a TH350 trans with the right stall and gearing.
My example... back in the mid 90s, i had a 2dr all original(3rd owner) 1975 chevelle and its quite a bit heavier than '78 on up malibu, SBC 350 bored .030 over 4bolt main, flat top w/4 valve relief hyperutectic pistons, gm smog 882 heads, minor port and polish work, 1.94I/1.60E stainless valves, edelbrock 7101 performer rpm intake, comp cams 270H, comp cams 1.52 roller tip rockers, holley 750 3310-2 carb, stock HEI ignition, 1 5/8" hedman headers. 2 1/2" true dual exhaust, 40series flowmasters with tail pipes, 8.5" 10bolt diff with gm posi unit with gm 4:10 gears and stock axles, 26" tall tires(original "71 corvette 15x8 4" offset rally rims with bf goodrich p255/60r 15 on all four corners from my fathers '71 corvette/350sbc 4speed stick), car was 4100#s with me in it with all AC equipment removed, single din stereo, small amp and two 6x9 spk in the rear deck with half a tank of 87 octane go go juice, pump friendly 9:1 compression, tci sfi spec flex plate, tci saturday night special 12" 2000rpm stall torque convertor, TH350 with stock rebuild with b&m shift kit for firmer shifts, ran consistant 14.40s in the 1/4mile with 2.20/60ft times.
Boy was i pround of that car, did good for my very first hotrod, did plenty of research before i had the engine built, it wasnt the fastest, but i most cerainly had fun surprising a few mustang owners on the street at the time.