sounds like you need a v8 swap if you want to get 400-500hp out of it. you could turbo charge the 2.3l to get more power out of it, you can use parts from 80's svo mustangs and turbo coupes, but im not sure what kind of budget your working with and what kind of facility your working with. theres a few guys on here with 2.3l turboes rangers and quite a few with v8s so you should easily be able to find information on that. what rear end do you have now, 7.5"? youll want to start on this project by deciding what you want it to be (sounds like you have already done that), and then work your way from the ground up (axle, frame mods or cage, engine / trans, lift kit or fiberglass fenders for tire clearance, then tires, then final body work.