I'd say it's definitely doable with that budget, including the necessary suspension bits to put down that kind of power.
I think you'd have to be doing a lot of the labor yourself though, as that would definitely push that budget.
I think you'll need a roll cage, too, for the times you want to run.
I'm sure there are others on this forum more qualified than me to help you out though. I'm still in the 13's.
