I would say forget the C4.I would go with a Camaro or Chevelle.
You said budget racer and I would go that way.
You will have 50k in a C4 if you try to put it into the 10's and keep it their.My 86 is anight mare to drive and I start out the season as the points leader and then the car breaks and it is down for two months.
Their goes the points.
I guess a $$$ figure would be in line for a C4,how about $2500.00 for an 86 coupe $3200.00 for a carcreations rear plus spool plus axles plus Denny's drive shafts plus gears and so on get the point $5500.00 and it is still not stable.
How about a trans $7000.00 and still going 700r4 went through 7 so far .How about a nitrous miss hap and $4500.00 for the front of the car

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I can go on and on ,yes I thought I could make it work because I do all the work myself .Wrong the parts will kill you and the lies that the manufacture tells you is worse.Tires and other parts limit you and what you can do with the car.
Buy a roller and be done with it.