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Your goal is easily achieved without spending much money.

GT40P Heads with long tube headers
Explorer GT40 intake with 65mm TB
Stock 87-93 cam
19# injectors
2 1/2 H-pipe

If you shop around you can get 275 fly wheel HP for around 900-1100 bux.

I dyno'd 255RWHP with the above set-up except I had ported polished and milled stock heads and 1 5/8 equal length shorties.

With the stock cam and long tube headers you would have excellent low end torque to accomidate your auto tranny and it would be very streetable.

If you want to spend some money and not go the budget route I would go with AFR 165's over the GT40P's and a trick flow stage 1 cam. You would be in the 320 flywheel HP range then.