cheap and easy drag car??

[bmxmon]

Im considering trying to build, with my brother and step-dad, a "cheap" drag car. My inspiration is a 87 stang i found for $250. Right now its the standard 4cly auto thing. What do you all think would be the cost of a 351w from a junkyard,(ALL PARTS POSSIBLE FROM THE JUNKYARD!!) a AOD(?) or c-4 trans, and an 8.8rear. (im figuring that these are the major parts, radiators and stuff i could also get from the junkyards) Any thoughts? Maybe i would tear down the 351, stick a cam in it from ebay. But probably not, just stick it in there are have fun until it breaks, then fix it, repeat the process. Anybody think it could be done for, say $2500-$3000??? Ive been hunting around for 351 prices on the net with no avail. Is this a complete waste of money and wouldnt get me down the track in any sort of fun factor?? Or is it a worthwhile experiment?? thanks all.