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and what you want to do with the car, i.e. drag, time attack, street, road racing, etc.You should start with a power goal and a budget.
Find out why it's smoking first. For that power goal and budget you're going to need to turbo. You may or may not have to rebuild the engine first. Do a compression test to find out what's going on inside the engine.
So basically, you want to look cool to a bunch of idiots? Sounds like a great goal.
Getting 150whp all-motor cost near $3k
It'll cost around $1k just for the head work, cam, and valve train. New pistons and block work would put in at least another $500. Most of the guys I've seen on D-Series.org who are at 150whp or higher have better than DC headers so that's another $1k. Add in the misc. rebuild parts and you're sitting pretty close to $3k.