Just a quick comment on using a T-5. Be careful buying a used one. There is a wide range of torque rating on WC T-5s (240-330) check the ID tag for the serial number.
I'm currently building a track car ('77 280 Z) with a 400 hp 302 and a tremec TKO 500.
I also race a Factory Five Challenge car (302 efi with a T-5). We do go through our share of t-5s as a group....mainly 3rd gear failures.