Welcome to CHR, chevyfan, now for some questions...

Define street and strip usage, what percentage will be street, what percentage will be track??? Having a dual purpose car requires compromises on one end or the other. Do you want a rumpon' stompin' big block, 4500 stall converter, etc., then have to put up with all the headaches associated with such a car for an occasional street cruise, or do you want a fun to drive, easy to maintain street and highway cruizer that gets good mileage on plain old pump gas and just make a couple passes at the track once in awhile to see what it does????

I'm building one myself, primary emphasis is on driveability and reliability for cruizin' and travelling, with an occasional blast at the track and a few Friday Night Grudge races. It'll be an LS engine with a 6 speed trans, cold air, and canyon carving suspension that will still have a decent ride on the highway just by turning the knobs on the shocks....

As with any build, decide what your priorities for the car are, then avoid the temptation to mix and match components that are designed for different usage, leave the race car stuff on the track and leave the street car stuff on the street!!!