Well, all I can tell you is that my '85 rolls empty from the dump scale at just under 4,000 pounds, with a full tank and my fat but. Now, I don't weigh 400 pounds, so I'm guessing net weight, without fuel and me, would be about 3600. You could easily look it up.
If our friend wants a drag racer, then it's not so much the car as it is what you intend to do. A real drag strip terror requires a lot more than a big honking engine and four speed. By the time you deal with chassis issues, radiusing the wheel wells for big tires, and on and on, you might as well just get a tube chassis racer and have done with it.
I converted me stock set up (the 267? v8 and th350 were orig) to a 'truck' block 355 with Street & Performance TPI conversion kit. I couldn't pass my local smog inspection with the stock set up ('computer' carb) and it would have cost me nearly as much to repair that system as it was to go to the TPI. Naturally, I sail through the test, since I'm being tested as an '85 but my set up (currently) is more-or-less an '87 TPI Corvette induction w/ S&P's custom LT1 chip (no charge for me, an original customer, although it was like ten years later. Yes, S&P is good folks.) I've got headers, single cat, single 3" exhaust; roller valve train/cam w/ world heads (72cc combustion chambers for a est. 9:1 compression), adjustable fuel pressure reg., etc. 700R4 trans w/ stage II kit, 3.73:1 rear.
No, I don't drag race it, I haul stuff with it. My mechanic guesses we're in the 325-350HP, but unless you know where to get free dyno time, it's anybody's guess. The car moves out fast, will haul it 1000lb. limit uphill w/ no hard breathing, and I'm rarely embarrassed on the freeway on-ramp.
So, it depends on your goal here. I want a nice driving car. I get reasonable gas milage, about 20 in town, empty, maybe 25+ on the highway. I've power windows, a/c (when I can afford to keep it working) and a few suspension goodies. For an instant handling improvement (night/day) have a chassis shop install a set of urethane bushings. That and some proper shocks/springs will give you a different ride. I installed the police/taxi quick ratio steering box (I think the code is FE) and my car steer like no other Elky on the planet with this set up. I'm starving so as to buy a Hotchkiss rear suspension kit.
When it comes to spending money on your ride, the only limit is your bank account and credit. Nope, you won't sell it for a profit, either.
Good luck.