Lots of potential there...I have a friend who had one just like that but the body was in bad enough shape that he tubbed it, put 18" wide slicks in the rear, rebuilt the engine with a blower & was putting close to 900 hp at the tires. He never ran a 1/4 with it but guessed it was an under 10 car.
Sorry for the slow reply, MDD. I have a 460 in the 84 Bronco, but drove an old Galaxie 500 in high school. POst up your carb question, maybe we can help. Those cars will move in a hurry, just remember this: BRKAES DON'T WORK IN MID-AIR!!! JSM84