Oldinjun - JMO Brian's first post was very reasonable; his second post was, well, very Brian.
I would have suggested exactly the same thing whether you had a son or daughter (I went through this with one of each several years ago, both honor students).
However, it is your daughter, and her car; so: if you want to heat up the engine a little, look at the specs for the 1974 GTO. By using a known factory engine, you know its going to work. Pontiac rated it 200 HP. NHRA laughed at that and re-rated it 250 HP. A little better gearing and it runs pretty good.
Lose a little weight on the car (aluminum wheels, etc.) and it runs a little better.
Would highly suggest the stock Q-Jet over the Holley if fuel economy is your thing; however, if you are trying to set it up for SCCA racing, the Q-Jet would need some modifications to make it work well in a road-race environment.
There are some pretty good suspension kits out there. Possibly install a heavier front bar, possibly some synthetic bushings.
Hope both you and your daughter enjoy this project.
Jon.
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