Re: Project:No replacment for displacment.
I would drop in a new cam setup (cam, springs, rockers), and make sure it is tuned properly. Then a bit of spray and be done/happy with it. That car makes PLENTY of power for auto-x and goofing around. Maybe pick up an extra ls based motor to build in your spare time.
If you do decide to upgrade the cam this winter, let me know. I would be interested in your valve springs if they are the "yellow" ones.
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