Is it possible on a budget? Has anyone seen this done?

I've got a freind who had a Summit as a daily driver but blew the head gasket. It's sitting around his house and he told me I could have it for free if I wanted it. I've got $3500 and was curious if it would be a worthwhile venture to try and put a 4g63t into it. I know of people who've take the 4g63t and dropped them into Hyundai Excell wagons and run 12's. I'm sure we've all seen a video or two online of them.

This car is currently FWD and I know I can get a JDM Cyclone motor for under $2G with everything. This would leave me with around $1500 to sink into it. I don't have a great deal of mechanical knowlege, so I'd probably be paying someone to do the work for me.

I've always liked the appeal of the sleeper car. This is why I'm considering it. I searched google but didn't come up with anything.

Any of you DSM guys have some input?