It sounds like you are looking for a project car, and that 'bird should fit the bill nicely. If the suspension & body are in fair shape, and the block on the 400 is good, you would have a pretty small initial investment towards doing as much as you want with the car. The Pontiac 400 can be made to do just about anything you want, as far as power goes. From easy 9's with simple upgrades, all the way to bore & stroke kits taking you to the 7's in the 1/8th mile.
Pontiac Dude(Kens Speed shop), Butlers(JPB), Kaufman, and a few others are happy to create you a complete package tailored for the power you want. As far as the transmission goes, the TH400 is hard to beat and you can find boneyard crossmembers and driveshafts from just about any '70-'75 Firdbird/TA that had an auto. Best of luck to you!
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