With a budget in mind I would do the Bullet 306. If you get the car to 2800 lbs, and build a stout street 306, top it off with a 150 shot and you can hit 10's if you can make the car leave.
Generally a bare minimum of a 120 mph trap speed is required to hit a 10.
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1988 Mustang GT
11.8 @ 123 (7/14/01)
1992 BadAzz Wrangler
1993 Explorer
See my car at:
www.mustangworks.com/cgi-bin/moi-display.cgi?179