Unfortunately the 85 has the 7.5" rear end, which must be swapped if you do performance enhancements.
The T-5 manual in it is also too weak, I'd recommend trying to sell it, or upgrading. That way upgrading won't be so expensive. You can always work on getting it tuned up and fixed up before worrying about mods too. That's the route I'd go.
They also need exhaust mods to be made, but they are a very nice platform to work with, and they do offer good performance. Probably equal to the SN95's, certainly Gen I 4.6 mod motor cars, or low 15's. Depending on which way you look at it.
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