Rough gross weight around 3200 lbs (Challenge weight may be a bit less since the interior will be mostly stripped and running a racing seat, but it will be running a full interior afterward and a bunch seat). The intent is to use the car after the challenge as a 'normal' vehicle for driving around, hauling parts, and potentially some towing. I'm not TOO concerned with worrying about the low-end torque needed for towing in this initial build though- I will likely be pulling the carb off and playing with the TBI and MegaSquirt, putting either the 700R4 or T5 into it, and doing some other work on it, so putting a better cam for towing into it won't be too much of an issue. It does need to be able to drive normally on the street though as I plan to drive it from here (Lexington KY) down to the Challenge and back, but I don't mind being a bit more aggressive with the build.
You have one benefit here and a couple challenges... The TH350 has a tight ratio spread. First gear is 2.52:1. Tight ratios means you can sacrifice a little bit of broadness to the torque curve since you'll be staying with small gear changes keeping the RPMs in the sweet spot. The 700r4 is one of the worst gear spreads I've ever seen. First is 3.06:1. It has the largest 1-2 ratio spread of any production automatic which means you don't get to stay in the sweet spot and you need a broader torque curve. The T5 has multiple ratio clusters so you should be able to find one that suits most profiles.
It will (in both race and driving setup) be running 16" Camaro/Firebird wheels. I'm blanking on the exact tire size they used, but the're a mediumish profile tire.
245/50-16 was common, so was 235/55-16 on the F-body. Either way, you're looking at 25.5 - 26" diameter.
I had been thinking about trying to use a thinner head gasket to bump up the compression a bit. If I'm still harboring some thoughts of using the nitrous kit I have access to though, I probably don't want the compression THAT much higher though, right?
You can use thinner head gaskets. Shim gaskets can be finnicky, but many companies like Cometic, Victor Reinz, ROL, and FelPro make MLS composite gaskets in thinner sizes.
Don't be afraid to push the compression a bit with Vortecs. The chamber shape is very tolerant to detonation. Depending on your setup, 10.5:1 is easy on 93 octane. I have a very mild cam in mine and run 87 octane with 9.6:1. More cam can reduce the need for octane with higher compression.... but more on that in another episode.
If it were mine, I would shoot for something like this: @.050" duration 225-intake, 230- exhaust, 110° LSA, install it about 2-4 degrees advanced (which for most grinds means just line up the dots). That should net you a good square 400 lb-ft around 3500 RPM, and a good 350 hp at 5000 RPM with headers and proper dual exhaust. Shift at 6000 and smile. Converter will need to be around 2500 stall and rear gears should be pretty deep... 3.90 or 4.10 with the TH350. The torque curve should be fat enough to get by with 3.42s with the 700r4.
For the challenge, the TC can be as cheap as you want. For the street, spend money on a good one. All high-stall converters are not the same. A cheap one feels like you're in neutral until you hit higher RPM. A good one moves the car forward like a stock converter when you take your foot off the brake, and the amount of stall is more proportional to throttle input.
Big point to make here.... With vortec heads, don't assume anything when it comes to valve lift capability. The generally accepted max lift on stock springs/retainers is .470" gross lift. Since you won't be able to use stock springs anyway with an aftermarket cam, you have a few options: 1) buy a common aftermarket spring/retainer kit that will allow .550" lift, 2) buy an inexpensive guide cutter bit and cut down the guides to allow more lift, or 3) only use .470" lift. #3 is a very poor option in my opinion since the vortecs will absolutely benefit from more lift. #1 and #2 are equally fine options and you'll just have to weigh the cost/comfort level of what you feel comfortable doing.
One more big point to make... Don't take the cam manufacturer's word on spring rates. Most of the cam companies make a handful of springs to fit a few hundred cam profiles. They assume that the handful of different spring rates will sorta satisfy "range X" of cam profiles. You may end up with a cam that is at the low or high end of that range and your springs will be either way too stiff, or not stiff enough. Find a trusted machine shop to recommend spring rates for your cam. You'll also save money that way. Instead of buying the expensive aftermarket performance kit, you can buy inexpensive, off-the-shelf, machine-shop parts and get a better result.