Research what is running in your area.
If your daughter is driving, the 255/350 with a 4 speed is still a decent combination. It's fun, quick, and easy on parts. A good engine will not be cheap.
It will be expensive to build a car if you cannot do the vast majority of work yourself. Chad's car :
http://classracer.com/classforum/showthread.php?t=62036 is a sweet piece and worth the price. You won't beat it for the price, unless you build it yourself. Good people to deal with, too.