If you're planning on forced induction, I don't think that motor will live. Also, for only a few hundred more you could get a SBC which puts out 350 plus HP. Don't forget to budget for tranny, drive shaft, rear end, fuel pump, radiator, fan, hoses, belts, brake upgrades, engine dress up stuff, conversion parts (motor mounts etc), exhaust, and so on.
If you are wise with your cash, you should be able to do it. Wait until the conversion is running before spending on nicey nicey stuff IMO.
Hope this helps,
Tim
PS, do a search for specifics, you WILL find the info you need....it's been done and someone has written about it.