realistically, the engine work is maybe one-third or 1/4 the battle.
Car has drum front brakes, which you will def want to upgrade for racing (or at least your Mom wants you to upgrade em)
You will have to rewire the car, no biggie except that will uncover all sorts of other gremlins.
new interior, or at least race seats plus roll cage and harnesses...figure a couple grand for that alone
tires, brake lines, steering gear, suspension...yikes it's a lot.
not to mention cubic $$$ to have a pro do the bodywork...and that's figuring the shell is solid enough to even conceive of rebuilding (note I did not say RESTORING which is a whole nother level of expenditure).
if you're not equipped to DIY the project, figure on several grand just to get you to the start line (do you have a haul truck and trailer available to really get you to the start line?)
not tryng to be a wet blanket, just realistic.