If I were to do it again. I would go for the 92-95 chassis for a few reasons.

it has a hydro clutch so your tranny options are much wider. Its obd1 so it has by far the most tuning support available, its easy as hell to swap anything into them and also they alot more engine bay room for a turbo than my 91.

Now for power, like everyone was saying 210 wheel hp will make a pretty quick car that will be fun on the street and not a handful. In reality depending on the block you start with you can make anywhere from 210-250~ on stock internals and 300-450 with things like rods pistons maybe a cam and some porting work.

Youll reach your limit on pump gas well before 500 with anything but a K series build.

But now your talking about a 10 sec street car.