One thing that the E7's really lack is on the exhaust side. A guy at our track has home ported his E7's, and done the 1.7/1.6 thing along with full exhaust, pulleys, gears, etc. and has got in the high 12's with slicks. So, it's definitely possible. If you're on a really tight budget it might be worth it.
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1991 5.0 LX Coupe - 40,750 miles
331 cu. in. / Tremec 3550 / BFG Drag Radials
12.22 @ 114.31 mph - w/1.89 60'
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