Indeed your biggest handicap is the lack of weight in the trunk... Once you decide whether you really want to put weight back in the car you can decide what you need to do to get it to the ground.

Cars "hook up" when rotational forces are turned into directional force. This happens principally in the differential and the tires. A lower gear ratio will help but is only the first step. Good tires (as good as you can afford) proper shock valving which allows the rear end to rapidly drop while the front end rapidly rises is another. Things like ladder bars, or their poor cousin a traction bar will keep the rear end from hopping while doing it's job.

There are kits to do this which start at $100. and go up into the thousands of dollars and require reconfiguring the rear mounting points. The simplest is simply replacing all the worn bushings and suspension pieces with the best eurethane pieces you can afford.

Some of the very best are from:

http://www.hotchkis.net/cgi-bin/EDCs...%3BEl%20Camino