Welcome to CHR -

I think I'm missing something here - are you sure it's the original engine? In 1980, Corvette's "biggest" engine was the L82 350 that produced 230hp. In it's stock form this car turned 15 second quarter mile times and on a good day (according to GM) saw 130MPH at top end - probably with a lot of track.

To see 200 in this car would be not only expensive but without a lot-o-work it could be border-line nuts. A thirty year old platform would not be my choice to build for this kind of speed unless it included a complete replacement of every nut & bolt with a mind toward compliance with safety much like that required at Bonneville to run those kind of speeds.

You might want to re-think 200mph in this car.

Regards,
Glenn